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USD/RUB spikes to 76 as oil keeps falling

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 7, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Mumbai) - The Russian ruble continues to get battered by its American counterpart for the third straight session and jumps to fresh yearly highs above 76 barrier, before retreating slightly below that levels in the last hours.

    Ruble drops in tandem with oil

    The USD/RUB pair extends its parabolic rise since 2014 and found renewed bid this Thursday after both crude benchmarks plummeted to fresh multi-year troughs.
    WTI drops over -4% to fresh seven-year lows of 32.63, while the Brent oil plunges nearly 4.50% to new 12-year lows at 32.87 levels.

    Oil prices crashed on the back of persisting oversupply worries and the ongoing weakness in China’s stock markets, which forced the authorities to halt trading for the second time this week. The Russian economy is highly dependent on oil for its revenues.

    USD/RUB levels to consider

    At the moment the pair is gaining 1.26% at 75.61 facing the next resistance at 76.62 (daily R2) followed by 79.91 (Dec 2014 High). On the other hand, the immediate support is seen at would expose 73.74 (5-DMA) and 72.70 (Jan 6 Low).
    For more information, read our latest forex news.

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