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Commerzbank analyst Axel Rudolph says that if the USD/RUB pair falls through March low of 63.59, it could target  63.19/03 area, where the 50% retracement of the 2018 advance and the 200-week moving average is located. “There the decline may level out, though,” Rudolph adds.

Key quotes

“Good resistance can be seen between the October, January and February lows and the 55 day moving average at 64.85/65.19.”

“Further resistance comes in between the current April high  and the 200 day moving average at 66.10. Resistance above the 200 day moving average at 66.10 can be spotted at the March high at 66.52.”

“Further up sits the February high at 67.16, only a rise above which would neutralise our medium-term outlook and put the November high at 68.27 back on the cards.”