22 Jan 2015
USD/RUB trades at 5-DMA
FXStreet (Mumbai) - The Russian ruble edged mildly higher against the US dollar during European session, continuing its side-way movement over a week as traders looks for clear direction amid falling oil prices.
Currently, USD/RUB trades now at 65.19 levels, losing -0.30% on the day, having posted intraday high at 65.59 and day’s low at 65.12 levels. The ruble gained slightly today as the US dollar remains rangy against most of the major currencies. The pair is seen consolidating above 64 levels for the past one week and is poised for a channel break out most likely on the downside as oil prices fail to find any bottom.
Moreover, ruble may remain pressured following rumours that the Russian authorities may be contemplating on a rate cut in the near future, as its December interest rate hike to 17%, intended to halt the ruble downfall has increased the cost of borrowing money and servicing debt.
USD/RUB Technical Levels
To the upside, the next resistance is located at 67 and above which it could extend gains to 69 levels. To the downside, immediate support might be located at 63 and below that at 61.90 levels.
Currently, USD/RUB trades now at 65.19 levels, losing -0.30% on the day, having posted intraday high at 65.59 and day’s low at 65.12 levels. The ruble gained slightly today as the US dollar remains rangy against most of the major currencies. The pair is seen consolidating above 64 levels for the past one week and is poised for a channel break out most likely on the downside as oil prices fail to find any bottom.
Moreover, ruble may remain pressured following rumours that the Russian authorities may be contemplating on a rate cut in the near future, as its December interest rate hike to 17%, intended to halt the ruble downfall has increased the cost of borrowing money and servicing debt.
USD/RUB Technical Levels
To the upside, the next resistance is located at 67 and above which it could extend gains to 69 levels. To the downside, immediate support might be located at 63 and below that at 61.90 levels.