USD/RUB climbs to highs near 65.70

Pablo Piovano FXStreet

USD/RUB remains unable to gather further steam today, meandering in a narrow range in the mid-65.00s.

USD/RUB ignores oil gains

The pair is posting moderate gains in spite of a broad-based selling sentiment around the US dollar and fresh multi-month highs in the barrel of the Brent crude, trading above the critical $50.00 mark.

Spot is thus reverting part of the weekly downside, snapping a 2-day negative strike and finding decent support in the 65.00 neighbourhood.

Data wise in the Russian docket, the FX reserves held by the central bank (CBR) dropped to $388.3 billion from $390.3 billion.

USD/RUB levels to watch

At the moment the pair is advancing 0.30% at 65.68 facing the next hurdle at 67.13 (55-day sma) ahead of 67.30 (high May 19) and finally 68.97 (200-day sma). On the flip side, a breakdown of 65.04 (low May 26) would open the door to 64.00 (2016 low Apr.29) and then 62.04 (monthly low Nov.4 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.

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