USD/RUB risks a visit to the 72.65/54 area while below April high at 78.04 – Commerzbank

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.”