USD/RUB could reach the 2016 peak of 86.00 on a break beyond 81.00/50 – SocGen

FXStreet Insights Team FXStreet

USD/RUB is inching closer to the hurdle of 81.00/81.50. A move above the latter would open up gains towards 82.85 and potentially the 2016 high of 86.00, economists at Société Générale report.

Important support aligns at 74.25/73.70

“Weekly MACD has crossed into positive territory denoting prevalence of upside momentum.”

“If the pair establishes itself beyond 81.00/81.50, this could signal a larger up move towards 82.85 and perhaps even towards the peak of 2016 at 86.00.”

“The low formed earlier this month at 74.25/73.70 should be an important support near-term.”

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FXStreet Insights Team

FXStreet

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