If you have time and love to enjoy the beauty of Ubud's country side, the Ayung valley is one of the most spectacular view that you can enjoy while having some great hike. It is about 10 minutes west of the main town of Ubud where you can reach it by public transport or easily arrange a driver in the town to bring you to this great place.
You can start your hike from the main temple of Kedewatan Village which is called Pura Desa Kedewatan and follow the steps down into the valley and have your eyes spoiled with this breathtaking panorama over the terrace paddy field down under and the great river runs at the bottom of the valley with some visitors having their white water rafting tour.
Have fun! be sure to bring your camera, hat and sun scream and surely your swim suit if you wish to have a good swim at the Ayung River.