USDRUB update
Price has reached strong fibo level (96.64) and we can see bearish 1 Week engulfing candle forming that shows selling presure.
Generally what is happening? I draw 2 scenarios how price can act in the nearest future.
1 scenario: price will revers at about 97 rubles or 113 rubles by making sellers liquidity area and will head down to grab buyers liquidity (less than 50 rubles) for further up movement to 137 rubles (sellers liquidity swap).
2 scenario: price continues an uptrend straight away to 137 rubles after what big drop will take place to 50 rubles (less than 50 rubles).
In my subjective opinion first scenario is more likely to happen. But for me 96 rubles level isn't a final line for a drop. If we go to lower timeframes we will see imbalance at 110 rubles level. So I'm waiting price to reach 113 rubles (fibo + 1W order block) and then look for shorts.
Let's see how it'll go on :)
Generally what is happening? I draw 2 scenarios how price can act in the nearest future.
1 scenario: price will revers at about 97 rubles or 113 rubles by making sellers liquidity area and will head down to grab buyers liquidity (less than 50 rubles) for further up movement to 137 rubles (sellers liquidity swap).
2 scenario: price continues an uptrend straight away to 137 rubles after what big drop will take place to 50 rubles (less than 50 rubles).
In my subjective opinion first scenario is more likely to happen. But for me 96 rubles level isn't a final line for a drop. If we go to lower timeframes we will see imbalance at 110 rubles level. So I'm waiting price to reach 113 rubles (fibo + 1W order block) and then look for shorts.
Let's see how it'll go on :)
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.