USD/RUB hits highs amidst oil weakness

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 12, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Edinburgh) - The Russian ruble remains in the area of session lows vs. the greenback, with USD/RUB currently hovering over the mid-76.00s.

    USD/RUB stronger as oil slumps

    The Russian currency remains on the back footing vs. its American peer in response to another collapse in crude oil prices, where the barrel of the Brent crude and the West Texas Intermediate keep grinding lower to multi-year lows.

    In the meantime, the pair is extending its relentless march north, momentarily deflating from highs in the 77.00 neighbourhood and trading at shouting distance from historical highs in levels just shy of the 80.00 mark posted in December 2014.

    USD/RUB levels to consider

    At the moment the pair is up 0.66% at 76.53 with the next resistance at 80.02 (high Dec.16 2014). On the other hand, a breach of 69.20 (low Dec.24) would aim for 68.50 (55-day sma) and then 67.58 (8-month uptrend).
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