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USD/RUB off highs, back near 68.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 18, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The Russian currency is sharply depreciating vs. the US dollar on Monday, with USD/RUB now testing the 68.00 handle.

    USD/RUB higher on oil slump

    Increasing selling pressure around crude oil prices in response to the failed meeting in Doha between OPEC and non-OPEC members has prompted RUB sellers to quickly return to the market and push USD/RUB to fresh multi-day tops just below the 69.00 mark, albeit losing some vigour soon afterwards.

    In the meantime, spot seems to have found some decent support near 65.00 the figure, coming down from 2016 highs around 86.00 (January) along with the broader recovery in crude oil prices.

    USD/RUB levels to watch

    At the moment the pair is up 2.16% at 67.84 facing the next resistance at 69.47 (high Apr.5) followed by 72.05 (55-day sma) and finally 72.59 (100-day sma). On the other hand, a breakdown of 65.26 (2016 low Apr.13) would open the door to 62.04 (monthly low Nov.4 2015) and then 60.70 (monthly low Oct.9 2015).
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