USD/RUB Analysis Today - 24/07: Lows Stay Intriguing (Chart)
Date
7/24/2024 3:04:15 PM
(MENAFN- Daily Forex) Lows touched this morning have touched values last seen on the 10th of July, this as the currency pair remains within a solid range and offers the occasional burst lower for traders.
Traders of the USD/RUB need to remain patient and wait for their wagers on the currency in a similar fashion that fishermen put their bait into the water and then let the day play out. The USD/RUB is testing near-term lows early this morning after seeing a bit of selling cascade into the currency pair's domain again. The USD/RUB is near the 86.9008 mark as of this writing.
Speculators of the USD/RUB should not be fooled into thinking the price range of the currency pair is suddenly going to widen and offer price velocity in a supreme fashion. The USD/RUB moves slowly and doesn't have a large amount of volume, but it does trade and those who choose to pursue the currency pair should consider mid and long-term charts as they draw their own conclusions about future values for short-term wagers.
Top Forex Brokers1 Get Started 74% of retail CFD accounts lose money USD/RUB Resistance has Proven Durable for Now
There are no guarantees that past performance means the future will repeat, but resistance levels in the USD/RUB over the past couple of weeks have done a solid job of igniting reversals lower. However, to participate in the USD/RUB experienced traders know they likely need entry price orders to ignite their trades and then place working orders to cash out targets when hit. The lack of large volumes in the USD/RUB makes the pair susceptible to gaps which traders need to protect themselves with by using taking profit and stop loss orders.
What may intrigue USD/RUB traders when looking at technical charts from the past couple of weeks is the perception that resistance levels have continued to lower incrementally. The 88.5000 level has proven to be a good point for considering selling positions in the USD/RUB, but if sustained trading in the currency pair maintains a lower resistance mark above, conservative traders will have to consider selling below this level to pursue bearish momentum/RUB and U.S Economic Data Tomorrow
The U.S will publish GDP numbers tomorrow which will give a solid indication of growth and inflation per the two reports that will be issued. The outcome of the Advance Gross Domestic Product and GDP Price Index will affect behavioral sentiment in the broad Forex market.
Yet, it is questionable just how much the U.S figures will impact the USD/RUB. However, if the U.S data is weaker than anticipated, it might spur on some additional selling of the currency pair and a challenge of lows below current values, thus setting the potential of depths seen in June and early July to be explored again.
USD/RUB Short Term Outlook:
Current Resistance: 87.5400
Current Support: 86.7000
High Target: 88.5600
Low Target: 86.3500
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