USD/RUB Analysis Today - 14/11: Bullish Near 100K (Chart)
Date
11/14/2024 2:32:53 PM
(MENAFN- Daily Forex) The USD/RUB has demonstrated a rather nervous bullish trend since the end of July this year, the currency pair is now trading within sight of the important 100.0000 juncture.
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On the 6th of November in the immediate aftermath of the U.S election the USD/RUB fell to the 96.0000 vicinity, reversals proved to be dangerous. On the 14th of October the currency pair was near the 94.5000 ratio. As of this writing the USD/RUB is near 99.2720. The last time the USD/RUB traded above the 100.0000 level was in the first week of October 2023, and that was only momentarily. Fast trading has been seen in the USD/RUB recently and the incremental climb higher is evident.
Trading in a sustained manner above the 100.0000 level in the USD/RUB took place in late February and the first weeks in March of 2022, this was during the initial days of the Russian attack on Ukraine. This was followed by a significant bearish trend. But, the sudden development to spark a bullish run higher since late July of this year is rather intriguing and not matching many Forex correlations, particularly after the USD/RUB had been able to sustain a rather solid systematic relationship in the currency markets the past year and a half/RUB Speculation Mid-Term Considerations
Behavioral sentiment in the broad Forex markets is noticeably cautious. USD centric strength has been solid since the end of September across the board. Trying to figure out why exactly the USD/RUB turned bullish before this is difficult.
The climb higher in the past handful of days certainly has something to do with broad Forex nervousness versus the USD. The prospect of President-elect Trump and Russian leader Vladimir Putin meeting to discuss the Ukrainian war is an interesting consideration, but betting on the outcome of this negotiation is tricky. Lower energy prices which have developed also may be playing a role in the weakness in the Russian Ruble recently, but that notion may be wrong Realms and Near-Term Trading in the USD/RUB
Traders who feel compelled to trade the USD/RUB need to use risk management in a strict manner. Caution may prove to be a life saver as the broad Forex markets deliver choppy results over the short and near-term.
The U.S will produce another inflation report via the PPI data today, but yesterday's CPI numbers which did meet expectations did not offer much relief from the strong USD centric price action. The USD/RUB and the 100.0000 look like a logical wager for speculators, but wagers should not get overly ambitious.
USD/RUB Short Term Outlook:
Current Resistance: 100.0000
Current Support: 99.0180
High Target: 101.1000
Low Target: 98.6000
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