The USD/RUB pair is set to remain below its current April high at 78.04 and may revisit the 72.65/54 major support zone, Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, reports.
USD/RUB is still consolidating below the 80.00 mark
“USD/RUB is expected to remain below its five month high at 78.04 below which it is currently still consolidating.”
“Failure at the late March and current April lows as well as at the 200 and 55-day moving averages at 75.33/74.94 would push key support at the 72.65/54 December-to-March lows to the fore.”
“Only if the March low at 72.54 were to be slipped through, would the early July high at 72.31 be back in focus.”
“We will stick to our short-term bearish view while the cross stays below the 78.04 current April high.”
“If the 78.04 high were to be overcome, however, we would turn short-term bullish and target the September and November highs at 79.99/80.94 which should cap once more. On the way up would sit the 78.47 mid-October high and the 78.89 early October high.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.