USDRUB is on the move again - price broke put above 1st standard deviation from quarterly (66-day) moving average on July 6th, signaling upwards probability. The move comes in line with WTI Oil, which entered a downtrend recently (see related idea). RUB is very correlated to oil prices, as Russia's key exports are oil and natural gas.
The Russian Rouble is a high volatility speculative vehicle which prepares for another round of weakening caused by its underlying deteriorating economy, cheaper oil and generally increasing amount of risk associated with this currency. The first impulse of the latest upward wave brought us to 57.15, the target of the next higher degree impulse could be approx 68...
Now we can see a major retracement impulse and must wait minor wave stucture to correct current.