In the middle of March 2014 USDRUB reached 36.716, but has been declining ever since, falling to as low as 33.540. We will use the 4-hour chart to determine if we should expect more weakness.
And the chart shows an impulsive rally, followed by a corrective channel, in which that 3-figure decline has been developing. Pay attention to the zone, where the drop-off seems to have ended – the 61.8% Fibonacci level. Having the wave structure and the Fibonacci level in mind, we expect that corrective channel to be broken to the upside soon. If this is the correct count, USDRUB may exceed the top of 36.716. This scenario would be invalidated, if price falls below the start of the five-wave sequence at 31.628
