USD/RUB Off Highs, Returns Near 66.00

USD/RUB Off Highs, Returns Near 66.00

4 May 2016, 17:22
Roberto Jacobs

USD/RUB Off Highs, Returns Near 66.00

The Russian currency is sharply lower vs. its American peer on Wednesday, helping USD/RUB to print 3-day tops near 66.55 although losing some stamina later.

USD/RUB up from 64.00

Upside pressure around spot now seems to have run out of legs following a recovery in crude oil prices, with the barrel of Brent crude currently hovering over $45.70 after bottoming out near $44.70 in early trade.

In the meantime, the pair is trading in 3-day peaks and managing to regain ground after yesterday’s fresh 2016 lows in the 64.00 area, as RUB regained traction in response to crude oil dynamics and the steady hand by the CBR in recent meetings.

USD/RUB levels to watch

At the moment the pair is up 2.04% at 65.97 facing the next resistance at 68.73 (200-day sma) followed by 69.47 (high Apr.5) and then 69.72 (55-day sma). On the other hand, a breakdown of 64.00 (2016 low Apr.29) 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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