- As of this writing the USD/RUB is trading near the 90.7090 ratio in a rather tight range which has allowed experienced traders the ability to wager on the currency pair free of massive volatility.
- The USD/RUB continues to display signs of behaving in a healthy fashion, one that financial institutions are likely treating with care but with inside knowledge that tranquility abounds.
- Quick hitting trades for speculators are an obviously tactic for wagering.
Intriguingly while examining the USD/RUB from a technical viewpoint, the 91.0000 resistance level has continued to be sustained. On last Friday there was some trading above the ratio, but reversals were seen consistently lower. On Thursday of last week the USD/RUB also traded slightly higher demonstrating values near the 91.1850 ratio momentarily, but again the currency pair was pushed lower. In other words launching selling positions after resistance has been hit may be a solid choice in the short-term.
Support Levels within the USD/RUB Producing Consistent Tests
Traders who are tempted to look for downside momentum in the USD/RUB based on technical charts cannot be blamed. A steady progression lower has developed since the 23rd of February and the incremental development can be easily seen. While the moves have not been with lightning speed, bearish tendencies of the USD/RUB can be perceived.
While there are certainly no guarantees the USD/RUB will continue to move lower, short and near-term traders looking at a one week chart may be inclined to wager on quick hitting moves lower that use take profit orders to cash out winnings if price targets are hit. Traders will have to be able to trust their brokers to cash out the positions if targets are touched lower.
The trading volume in the USD/RUB is not huge and some brokers may rightfully say the moves lower were not sustained long enough to cash out a take profit order. However, setting sights on ratios above current support ‘bottoms’ may help trigger the take profit orders of speculators who want to gamble on the USD/RUB. The support level near the 89.9000 has been seeing consistent challenges since last Tuesday.
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USD/RUB Correlations to U.S Data
The USD/RUB does not trade in a vacuum. The consistent price range of the USD/RUB proves the currency pair is somewhat correlated to the broad Forex market. U.S inflation data will be published tomorrow which USD/RUB traders should pay attention to because it might cause a reaction.
- The trend lower in the USD/RUB is evident. The ability of the Russian Ruble to gain strength against the USD mirrors other major currencies in recent Forex price action.
- If tomorrow’s U.S CPI inflation numbers are slightly weaker this may spur on additional downward momentum for the USD/RUB. However, speculators should not get overly ambitious with their wagers.
USD/RUB Short Term Outlook:
Current Resistance: 90.9010
Current Support: 90.4040
High Target: 91.0650
Low Target: 89.8800
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