USD/RUB to move back higher towards the 74.30/72.13 region – Commerzbank

USD/RUB has formed an interim low at 71.55 and is seen rising back towards the 74.30/72.13 area, Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, reports.

Current June low sits at 71.55

“USD/RUB dipped to below the August 2015 high at 71.64 and made its current June low at 71.55 before heading back up towards the current June high at 73.75. Once bettered, the April low and 55-day moving average at 74.20/30 will be in focus and also the mid-May high at 74.74 as well as the 200-day moving average at 75.13. Further up sits the 75.86 early May high. Still, further resistance can be found between the mid-December and January as well as February highs at 76.06/49.” 

“Below the recent low at 71.55 lies the September 2018 high at 70.64.” 

“In view of last week’s advance, we decided to neutralize our medium-term forecast.”