USD/RUB now targets 69.01/23 – Commerzbank
|Axel Rudolph, Senior Analyst at Commerzbank, noted that the pair is now focused on the 69.01/23 band.
Key Quotes
“USD/RUB’s descent from the September high at 70.64, made close to the 50% retracement of the 2016-18 decline at 70.68, has taken it to the October low at 64.85 before heading back up again and overcoming the 55 day moving average at 66.75”.
“The 69.01/23 zone, made up of the August highs, is currently being targeted, a rise above which will put the September peak at 70.64 back on the cards”.
“Minor support sits between the October high and the 55 day moving average at 67.08/66.75”.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.