USD/RUB bounces off its 71.55 June low towards the 74.20/74 region – Commerzbank

The Russian ruble is giving back some of its recent gains. USD/RUB’s recovery from the June low at 71.55 has so far taken the pair back to the 55-day moving average at 73.61 by so far rising to 73.80 in July. The next target is seen at the 74.20/74 area, Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, reports.

Current July high was made at 73.80

“Minor resistance above the 73.80 level can be spotted between the April low at 74.20 and the mid-May high at 74.74 as well as along the 200-day moving average at 74.97. Further up sits the 75.86 early May high. Still further resistance can be found between the mid-December and January as well as February highs at 76.06/49.” 

“Good support below the 72.54 March low is made up of the mid-to late June lows at 72.04/71.55. Below the latter lies the September 2018 high at 70.64.”