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”.
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