Short-term moves higher in the USD/RUB have been seen since Thursday of last week, but technically the currency pair has the actual appearance of a bearish speculative trade.
- Unless you have inside knowledge of the inner workings of the Russian government or are within the Russian Central Bank, or are a businessman that deals in the Russian Ruble it is likely that your perspective on the USD/RUB is via technical charts and occasional news items that cross your trading screen.
- Trading in the USD/RUB pair is the domain of experienced traders who understand risk management is essential to good outcomes.
- While speculating on the USD/RUB can be done by many via available brokers’ platforms, the currency pair mostly draws traders with solid technical ability and good gut instinct.
As of this morning the USD/RUB is trading near the 87.2464 ratio, but it did touch a low around the 86.1765 level earlier. The USD/RUB traded at a low of almost 82.4463 on Wednesday and Thursday of last week. While this morning’s trading has in a sense sustained the middle ground of one month trading chart perspectives for the USD/RUB, it can easily still be considered to be showing signs of downwards momentum.
USD/RUB Mid-Term Perspective and Short-Term Speculation
A look at a three month chart of the USD/RUB clearly shows the currency pair has been in a bearish trend. The ability to sustain price values the past month and test lower depths continues to be seen in the USD/RUB too. Intraday trades in the currency pair need to be attempted with a great deal of patience and its likely an overnight position will have to be considered while speculating on the USD/RUS to attain a price target.
Last week’s low in the USD/RUB touched values last seen in June of 2023. While people on the outside may believe the Russian Ruble has been shut off from the international Forex market that is obviously not the fact. The Russian Ruble continues to prove it is durable and in fact rather strong. The trend lower should be taken seriously, although without inside information it is rather speculative to wager on the movement of the USD/RUB – except to say technical charts offer some clues for those who want to bet.
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USD/RUB Correlations Difficult to Prove but Intriguing
The ability of the USD/RUB to stay within its lower price range makes it tempting to continue to look for downside momentum. However, speculators need to understand reversals higher do occur like the one displayed the past two days.
- The opportunity to wager on durable resistance igniting moves downwards are attractive for near-term USD/RUB traders, but solid risk management is definitely necessary.
- Trying to correlate the Russian Ruble to USD centric interest rate perspectives is hard and may prove a false narrative.
- The USD/RUB did trade within lower realms from April until mid-June of last year.
USD/RUB Short Term Outlook:
Current Resistance: 88.9250
Current Support: 86.8050
High Target: 90.2000
Low Target: 84.9100
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