The rapid rise of the USD / RUB from its March low at 72.54 has propelled it to a five-month high at 78.04 below which it is currently consolidating, explains Axel Rudolph, technical analyst at Commerzbank. It indicates that the recent advance is likely to lose steam below the September and October highs of 79.99 / 80.94.
Key statements:
“If it breaks above 78.04, we would turn bullish in the short term and target September and November highs at 79.99 / 80.94, which should limit again. On the way up, it would be the high of mid-October at 78.47 and the high of early October at 78.89 “.
“The good support below the highs of December 22, January and February at 76.49 / 07, is still between the highs of late February and early March at 75.07 / 74.96 and the moving averages of 200 and 55 days at 74.93 / 92 “.
“Key support remains to be seen at the December-March lows at 72.65 / 54. Only if the March low at 72.54 were to give way unexpectedly, would the early July high at 72.31 come back into focus.”.
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