USD/RUB Analysis Today 13/6: Rise Spurs Speculation (Chart)
Date
6/13/2024 2:45:49 PM
(MENAFN- Daily Forex)
The snap move higher this morning in the USD/RUB may not prove to be concerning for speculators and actually an opportunity to once again look for lower prices. The price of the USD/RUB being displayed currency is near the 90.9800 mark, which suddenly emerged after the currency pair appeared to have been trading rather comfortably around the 89.0000 level. The sudden move higher demonstrates why conservative leverage is needed by day traders.
However experienced traders of the USD/RUB know that prices are never easily defined in the currency pair and sparks higher and lower are part of the trading landscape. As long as the USD/RUB doesn't start moving tremendously upwards this morning because something unknown is taking place, the reality is that the currency pair continues to traverse in a rather tight tranquil price range that actually correlates to the broad Forex market's Lows in the USD/RUB and Speculative Trading
The USD/RUB currency pair moved to a low of nearly 88.2270 yesterday in the wake of the weaker than expected U.S inflation numbers. The move to this depth momentarily challenged lower prices seen late May, but actually the values swam around known support. Which makes speculative considerations important for traders, the need for solid risk taking tools is essential when trading the USD/RUB on a broker's platform.
The jump in price early this morning happened certainly, but why the USD/RUB exactly leaped higher is beyond the knowledge of the general market mostly likely. The price of the USD/RUB having traded at lows yesterday and suddenly at highs has created the weekly high and low all within one day's time. And intriguingly the price of the currency pair remains rather tranquil.
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Move Higher in the Short-Term Highlights Dangers of the Unknown
The speed in which the USD/RUB has suddenly jumped higher this morning is a reminder that stop loss and take profit orders are important. And it is also a reminder for day traders without deep pockets to use entry price orders when trying to get into the USD/RUB, because it is likely your broker isn't going to give you the most polite price fill in a marketplace in which sudden spikes frequently arise.
Again, while the price jump to sudden higher is worrisome, experienced traders also know it is part of the USD/RUB landscape. If the USD/RUB starts to show some tranquility in the short-term and there is an opportunity to sell near the current highs being seen, then it might be a speculative opportunity to look for downside bets.
USD/RUB Short Term Outlook:
Current Resistance: 91.0000
Current Support: 90.0100
High Target: 90.3000
Low Target: 89.2000
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