Axel Rudoph, Senior Analyst at Commerzbank, believes the pair is poised to extend the consolidation theme in the near future.
Key Quotes
“USD/RUB continues to oscillate around the 55 day moving average at 62.60 but is still is expected to come further off the 64.21 June high”.
“We still believe that several weeks of range trading below the 64.21/28 area but above the 60.58/51 November high and mid-April low are to be seen in the near future. We therefore retain our neutral view with a slight short-term bearish bias”.
“Should we be proved to be wrong and were a rise and daily chart close above the 64.21/28 area to be seen, the April high at 65.04 would be back in the picture. Above it sit the May, July and November 2016 highs at 66.49/67.69”.
“Minor support sits at the May low at 60.95. More important support comes in at the 60.58/51 November high and midApril low. While this support zone underpins, we will retain our longer-term still bullish forecast”.
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