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The USD/RUB pair is set to remain below its current April high at 78.04 and may revisit the 72.65/54 major support zone, Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, reports.

USD/RUB is still consolidating below the 80.00 mark  

“USD/RUB is expected to remain below its five month high at 78.04 below which it is currently still consolidating.”

“Failure at the late March and current April lows as well as at the 200 and 55-day moving averages at 75.33/74.94 would push key support at the 72.65/54 December-to-March lows to the fore.”  

“Only if the March low at 72.54 were to be slipped through, would the early July high at 72.31 be back in focus.”

“We will stick to our short-term bearish view while the cross stays below the 78.04 current April high.”

“If the 78.04 high were to be overcome, however, we would turn short-term bullish and target the September and November highs at 79.99/80.94 which should cap once more. On the way up would sit the 78.47 mid-October high and the 78.89 early October high.”