Expert traders with experience and the capability to withstand the slings and arrows of temporary reversals in the USD/RUB may remain enticed by the bearish mid-term trend of the currency pair.
- The USD/RUB remains one of the more challenging currency pairs on the Forex market to trade.
- Not only is there low transactional volume, international sanctions against the Russian Ruble, but there is also only a limited amount of Forex brokers who allow the currency pair to be traded.
- However, if a speculator likes to trade the USD/RUB, they likely know which brokers allow the currency pair to be wagered upon, and like the prospects of being among the few who believe they have insight regarding technical and fundamental trends.
The USD/RUB as of this writing is near the 86.3087 ratio, this after having reversed higher the past couple of days with fluctuations leaning towards higher ground. Yet the fact that the USD/RUB challenged the 85.0000 level on Thursday and Friday and penetrated slightly below this mark is what stands out technically. From a speculative point of view the USD/RUB has displayed an ability to create an incremental trend lower via three month charts.
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Patience and the Art of Trading the USD/RUB
Because there is a lack of transparency regarding the USD/RUB and the knowledge the currency pair is not widely traded, speculators need to use technical perspectives rather heavily, unless they have inside knowledge regarding potential transactions. The USD/RUB certainly moves slowly and the tendency over the past week to challenge support levels and traverse a bit lower may be growing speculative ideas for wagers.
However, the USD/RUB remains troublesome from the timeframe perspective because its trading and price velocity is not exactly fast. Retail traders need to remain cautious and patient in order to take advantage of potential moves. The use of resistance levels which have technically formed via near-term charts may be enticing to sell the USD/RUB but it could also prove expensive if stop loss orders are not practically used.
USD/RUB Short-Term Considerations and Correlations
The U.S Federal Reserve will deliver its FOMC Statement later today. And while many analysts may not believe there should be a correlation regarding U.S Fed policy and the USD/RUB because of international sanctions, technical charts suggest otherwise. False narrative interpretations are always harmful, but there may be a correlation to the Fed’s interest rate policy and the USD/RUB which is in effect.
- If the U.S Fed suggests that two interest rates are going to come over the mid-term, this may help continue the incremental trend lower of the USD/RUB seen.
- There are no guarantees and certainly wagering on the USD/RUB remains speculative when there is little transparency, but it would not be surprising to see the currency pair continue to challenge the 86.0000 to 85.0000 depths in the coming days if the Fed sounds dovish this evening.
USD/RUB Short Term Outlook:
Current Resistance: 86.4200
Current Support: 86.0100
High Target: 87.1000
Low Target: 85.8000
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