USD/RUB eyes 78.00 as oil collapses

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 15, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The Russian currency keeps the negative tone today, lifting USD/RUB to fresh highs in the 78.00 neighbourhood.

    USD/RUB stronger on crude oil slump

    The Russian rouble is giving away further ground after crude oil prices have accelerated their downside today in response to increasing jitters surrounding China.

    In fact, the barrel of Brent crude has breached the key support at the $30.00 mark, reaching fresh multi-year lows near $29.30 per barrel.

    In the data space, Russian trade surplus shrunk to RUB 9.10 billion during November, missing prior surveys and coming down from October’s RUB 10.10 billion. Next on tap will be US Retail Sales, Industrial Production and the Reuters/Michigan index.

    USD/RUB levels to consider

    As of writing the pair is advancing 1.585 at 77.53 facing the next hurdle at 80.02 (historical high Dec.15). On the other hand, a breach of 72.32 (low Jan.4) would expose 69.20 (55-day sma) and finally 67.77 (8-month uptrend).
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