Axel Rudolph, Senior Analyst at Commerzbank, noted that the pair is now focused on the 69.01/23 band.
Key Quotes
“USD/RUB’s descent from the September high at 70.64, made close to the 50% retracement of the 2016-18 decline at 70.68, has taken it to the October low at 64.85 before heading back up again and overcoming the 55 day moving average at 66.75″.
“The 69.01/23 zone, made up of the August highs, is currently being targeted, a rise above which will put the September peak at 70.64 back on the cards”.
“Minor support sits between the October high and the 55 day moving average at 67.08/66.75″.
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