USD/RUB rallies seen struggling around 69.01/23 – Commerzbank
|In opinion of Axel Rudolph, Senior Analyst at Commerzbank, occasional bullish attempts in the pair could lose traction in 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, briefly slipped below the April high at 65.04 to its current October low at 64.85 before heading back up again and oscillating around the 55 day moving average at 66.76”.
“We believe that the recent advance will run out of steam ahead of or around the 69.01/23 August highs with it eventually falling through the recent support area at 65.04/64.85”.
“Below the 64.85 current October low sits further support between the May-to-June highs at 64.28/64.21 and still further support at the mid-July high at 63.79”.
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.