USD/RUB set to move downward as the 72.25/65 zone caps – Commerzbank

USD/RUB has risen to the 72.22/65 resistance zone which capped. The pair is set to remain below this area and slide again, according to Axel Rudolph, Senior FICC Technical Analyst at Commerzbank.

USD/RUB Briefly slipped through the December 2018 high at 69.78 before stabilizing above it

“USD/RUB reached the December 2018 high at 69.78 before rallying to 72.25 so far in November, to right within our 72.22/65 target zone. It consists of the September low, the 55-day moving average and the eight-month downtrend line. While this resistance area caps, overall downside pressure should retain the upper hand.” 

“Above 72.65 lies the September 20 high at 73.62 and meanders the 200-day moving average at 73.74.” 

“Below the October low at 69.22 sits the 68.04 June 2020 low.”