UR has reached strong fibo level. It seems like it will continue to rise(big bullish candle). But I wouldn't be surprise if it start to revers now. Why?
Firstly it has touched strong resistance level that was holding price almost for 6 years. So its a strong level even though it was broken in February 2022.
Secondly. If you look at dollar index (green line) which represents strength of a dollar you will see that it's strongly bearish. As you can see from correlation UR and DI has positive correlation (if dollar falls ruble falls also) but with some delays. For example DI started to rise in May 2021 when UR had made big pish up only in November 2021.
I still see UR in sell zone. But April will be deciding month for Russian ruble (and most currencies).
If price will continue to rise next key levels are 87-89 and 90 rubles per 1 dollar. First target as I have mentioned in my previous analysis is 50 rub/dollar and max target is 30 rubles per dollar.
Let see how it'll go.
Good luck:)
Firstly it has touched strong resistance level that was holding price almost for 6 years. So its a strong level even though it was broken in February 2022.
Secondly. If you look at dollar index (green line) which represents strength of a dollar you will see that it's strongly bearish. As you can see from correlation UR and DI has positive correlation (if dollar falls ruble falls also) but with some delays. For example DI started to rise in May 2021 when UR had made big pish up only in November 2021.
I still see UR in sell zone. But April will be deciding month for Russian ruble (and most currencies).
If price will continue to rise next key levels are 87-89 and 90 rubles per 1 dollar. First target as I have mentioned in my previous analysis is 50 rub/dollar and max target is 30 rubles per dollar.
Let see how it'll go.
Good luck:)
