The rapid rise of the USD / RUB from the March low at 72.54 has propelled it to a four-month high at 77.00 below which it is currently consolidating, explains Axel Rudolph, senior technical analyst at Commerzbank. He estimates that a rally above the 77.00 high would strengthen the bullish bias and target 79.99 / 80.94.
Key statements:
“One time After passing the four-month high at 77.00, we will be back up again and aim for the September and November highs at 79.99 / 80.94. On the way up there would be the high of mid-November at 77.71, the high of mid-October at 78.47 and also the high of early October at 78.89 “.
“Good support is now between the highs in late February and early March at 75.07 / 74.96 and the 200- and 55-day moving averages at 74.60 / 44.”
“Key support is seen at the December-March lows at 72.65 / 54.”
“Only if the recent low of 72.54 were to be unexpectedly broken would the focus shift to the early July high of 72.31“.
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