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USD/RUB off highs, near 66.60

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 13, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - After surpassing the 67.00 handle in early trade, USD/RUB has retreated to the 66.60 area.

    USD/RUB focus on oil, CBR

    Crude oil prices continue to be the almost exclusive driver behind the pair’s price action, weakening the RUB and lifting spot to 2-month tops towards the mid-67.00s.

    Previously, CBR Governor E.Nabiullina was speaking in the Parliament. She argued that the central bank could cut rates in the medium term, while she sees risks from a Fed’s lift-off. Furthermore, Nabiullina has reiterated that RUB volatility does not threaten financial stability and that the CBR’s monetary policy aims to lower the domestic inflation. She has also added that the CBR could resume its FX purchases if the ruble stabilizes.

    USD/RUB levels to consider

    At the moment the pair is advancing 0.13% at 66.60 and a break above 67.48 (38.2% Fibo of 71.67-60.70) would aim for 69.32 (high Sep.7) and finally 71.66 (high Aug.24). On the flip side, the immediate support lines up at 64.89 (61.8% Fibo of 71.67-60.70) followed by 64.40 (100-day sma) and then 62.66 (6-month uptrend).
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