TECHNICAL REPOR FX T FX EMERGING MARKETS – FEATURED MARKET – USD/RUB
USD/RUB accelerated higher in late 2014 following the clearance of the key 36.35-36.78 resistance area. An initial surge to 78.39 was followed by a correction lower to 48.79 in early 2015, ahead of a further advance which reached as far as 85.29 in January. Another setback is now under way, this is classed as corrective with scope for a higher low to now develop above the October
2015 one at 60.73, ideally by 66.08-66.73, ahead of the start of a further advance towards the 93.62 measured move target (100% of the 2014 advance measured from the 2015 higher low). To weaken the long-term outlook, we will need to see a reversal under the October 2015 higher low at 60.73, in which case a return towards 53.71-55.74 could commence.
MAJOR TRENDS AND TARGETS FOR FX MERGING MARKETS As at 18-Mar-16 EUR/CZK EUR/HUF EUR/PLN EUR/RON USD/ILS USD/RUB USD/TRL USD/ZAR EUR/RUR EUR/ZAR
Current level 27.040 310.25 4.2670 4.4740 3.8560 67.60
2.8560 15.290 76.40
17.280
Major trend Up Up Up Up
Flat Up Up Up Up Up
Major targets
29.671 / 30.815 337.63 / 349.93 4.5988 / 4.6677 4.6511 / 5.0000
93.62 / 100.00 3.1551 / 3.5000 18.106 / 20.000 97.92 / 104.61 21.778 / 23.635
Trend change level 25.485 295.73 4.0939 4.3723
3.5501 / 4.0676 60.73
2.3890 12.517 60.97
14.768
FX TRADER MAGAZINE April - June 2016 85
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