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USD/RUB pushes higher, near 80.00

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Edinburgh) - The Russian rouble continues to depreciate vs. the greenback on Monday, sending USD/RUB to fresh highs above the 79.00 handle.

    USD/RUB stronger on Brent weakness

    Spot is climbing higher today following a softer tone around the barrel of Brent crude, which briefly dropped to sub-$28.00 levels (13-year lows) after Iranian sanctions were lifted over the weekend. The bearishness surrounding crude oil prices could be exacerbated as Iran gets ready to pump more oil into the markets, collaborating at the same time with further RUB weakness.

    In the meantime, the pair is extending its relentless march north and remains on track to test the historical high at 80.00 the figure, recorded in mid-December 2014.

    USD/RUB relevant levels

    At the moment the pair is gaining 1.62% at 79.02 facing the next hurdle at 80.02 (historical high Dec.16 2014). On the flip side, a breakdown of 74.30 (20-day sma) would expose 69.76 (55-day sma) and finally 69.20 (low Dec.23).

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