Explosion in Russia – Are You Trading the Rubble?
Skerdian Meta • 1 min read
I know the title of this article is very cynical, but that´s what we do as traders – we try to make a living on forex related events, these being economic, politic or terror attacks.
A couple of hours ago there was an explosion in a St. Petersburg metro/underground. We sympathise with the Russian people.
Back to forex, the Russian Rubble lost more than a cent in the next two hours. USD/RUB jumped from around 54.80 to above 56. The 54.80 level has been a decent support level recently, so that was another reason to go long.
The bigger trend seems to be going down. In fact, this forex pair has been sliding downward since January 2016, so this jump is a good opportunity to open a sell forex signal here.
The Russian economy is closely related to commodities and specifically oil prices, so it´s not a big surprise to see USD/RUB in such a long term downtrend. We also know that such trends don´t end in the blink of an eye.
That´s the reason this jump offers us a good chance to open a short and a long term trade. We don´t have the Rubble in our trading instruments, so we can´t issue a signal, but this is an idea.
You can make plenty of pips here if you play it right; you only have to find the entry spot. The area around 57 seems pretty strong in my opinion. My broker has removed the Russian Rubble, but I´ll have a quick look around for a USD/RUB chart and post it if I can find it.