USD/RUB testing highs above 63.20
The Russian ruble is now giving away part of the recent gains vs. the dollar, sending USD/RUB to the area of daily tops above 63.20.
USD/RUB higher on USD-buying, data
Spot edged higher today following the increasing bid tone around the buck after both Housing Starts and Building Permits have surpassed initial forecasts for the last month.
In addition, RUB met some selling pressure after Russian Retail Sales have contracted more than expected 5.9% on a year to June. Further results saw the unemployment rate ticking lower to 5.4% during the same period and Real Wage Growth rising at an annualized 1.4% in June.
USD/RUB levels to watch
At the moment the pair is advancing 0.62% at 63.25 facing the next hurdle at 64.02 (20-day sma) followed by 65.80 (high Jul.6) and finally 67.67 (high Jun.2). On the other hand, a break below $62.75 (2016 low Jul.14) would expose 62.04 (monthly low Nov.2015) and then 60.70 (monthly low Oct.2015).
Author
Pablo Piovano
FXStreet
Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.
