USD/RUB to surge higher towards the 78.04 April peak on a break above 73.55/91 – Commerzbank

USD/RUB nears the 200-day moving average (DMA) and the 2020-2021 downtrend line at 73.55/91. A break above the 74.95 mark is key to see further gains towards the April peak at 78.04, Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, reports.

Upside bias while above 70.52 

“USD/RUB is seen heading up towards the 200-DMA and 2020-2021 downtrend line at 73.55/91. If the next higher August peak at 74.95 were to be exceeded, we would turn bullish and target the July peak at 75.36 in the first instance. The next higher April peak at 78.04 would then also be targeted longer-term.” 

“Minor support comes in at the June low at 71.55. While the next lower current November low at 70.52 underpins, overall upside pressure should be maintained. Only if it were to unexpectedly be slipped through, would the October trough at 69.22 be back in the frame. Below the October low at 69.22 sits the 68.04 June 2020 low.”