USD/RUB finds support near 59.00

Pablo Piovano FXStreet

The Russian currency is depreciating vs. the greenback on Monday, now lifting USD/RUB to the area of daily highs around 59.30.

USD/RUB up on Brent losses, USD buying

After dropping to as low as the 59.00 neighbourhood in early trade, the pair managed to gather some steam and is now testing highs in the 59.25/30 band amidst a narrow trading range.

RUB is deriving weakness from the softer tone in crude oil prices, where the barrel of the European reference Brent crude is struggling for direction in the vicinity of the key $49.00 handle.

On the data front, Russian industrial production expanded at an annualized 3.5% in June, while the US NY Empire State index missed estimates at 9.8 for the current month.

In the meantime, spot is navigating the lower end of the recent range, with decent support in multi-day lows around the 59.00 mark after being rejected from last week’s tops near 61.00 the figure, levels close to 2017 tops in the 61.60 region.

USD/RUB levels to watch

At the moment the pair is gaining 0.33%% at 59.27 and a surpass of 59.61 (21-day sma) would open the door to 59.71 (200-day sma) and finally 59.90 (10-day sma). On the other hand, the immediate support aligns at 58.97 (low Jul.17) seconded by 58.66 (low Jun.27) and then 57.99 (55-day sma).

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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