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USD/RUB Weekly Wave Analysis

2012-08-02 12:59:11 (читать в оригинале)

USD/RUB Elliott Wave
For the last few days the USD/RUB pair was trading in a downward move developing corrective wave (2) (coloured orange) of the bigger 5 wave (coloured purple). At the moment we can observe the beginning of the impulsive (3) wave (coloured orange), so we need to be prepared for entering a long position and trying to get most of this impulsive wave. In accordance with our wave rules and taking into account that the wave 3 retraces 161.8% of the wave 1, we can define the potential targets with Fibonacci extensions (31.7505-33.0310-32.0025) with Take Profit 1 at 34.0647 (161.8% of wave 1). To reduce the risk, we can use Invalidation point at 31.7505 as Stop Loss. Also it is necessary to monitor the U.S. Unemployment Claims, Factory Orders m/m and Natural Gas Storage data that can change the rate of the pair.
Support and Resistance
(S3) 32.0073 (S2) 32.1391 (S1) 32.2205 (PP) 32.3523 (R1) 32.4841 (R2) 32.5655 (R3) 32.6973
Trading Forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the upward movement. That is why long positions at level 32.4700 with Stop Loss 31.7505 and Take Profit 34.0647 are recommended.

The material has been provided by Instaforex Company - instaforex.com