The USD/RUB pair made an interim low at 74.20 in April and is set to head back towards the 76.06/49 region, Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, informs.
USD/RUB to turn bullish above the 88.03 April high
“USD/RUB is heading back up towards the mid-December and January as well as February highs at 76.06/49 which together with March and April 21 high and the seven-month resistance line at 77.00/57 are likely to cap again, though.”
“Our short-term view is that an interim low has been formed at the 74.20 April trough and that further upside is in store while it underpins.”
“Only if the 74.20 recent low were to unexpectedly give way, would the December and March lows at 72.65/54 be back in play. Failure there would lead to the March low at 72.54 being targeted, below which lies the early July high at 72.31.”
“We will stick to our now medium-term neutralised view while the cross stays below the 78.04 April high.”
“If the 78.04 high were to unexpectedly be overcome, we would turn bullish and target the September and November highs at 79.99/80.94. On the way are the 78.47 mid-October high and the 78.89 early October high.”
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