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USD/RUB’s swift ascent from its current March low at 72.54 has propelled it to a four month high at 77.00 below which it is currently consolidating. In the view of Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, a rise above the high at 77.00 would be bullish and target 79.99/80.94.

Key quotes

“Once the four month high at 77.00 is overcome, we would turn bullish again and target the September and November highs at 79.99/80.94. On the way up would be the 77.71 mid-November high, the 78.47 mid-October high and also the 78.89 early October high.”  

“Good support now comes in between the 75.07/74.96 late February and early March highs and the 200 and 55-day moving averages at 74.60/44.”  

“Key support remains to be seen at the 72.65/54 December-to-March lows.”  

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