The Russian Ruble continues to produce steady calm trading waters for speculators and financial institutions that are transacting the currency. The USD/RUB as of this writing is near the 79.4900 ratio and resistance early this week has been abundant around 80.0000. Trading volumes in the Russian Ruble which are distinctively light will remain extremely quiet over the next couple of days.
Russia continues to produce a calm currency stance for the USD/RUB and its rather consolidated range over the past few months, even six months is evidence that financial institutions are tranqul. The ability of the USD/RUB to remain within known price realms and even correlate to the broad Forex market shows the Russian Ruble has the capability of remaining relevant.
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The 80.0000 Level and Speculation
If the 80.0000 continues to prove worthy as resistance in the coming week this suggests that financial institutions may believe equilibrium is fair. Large orders in the USD/RUB in the coming days due to the holiday season will be minimal. Speculators involved in the currency pair likely have plenty of experience and enough knowledge to only trade if they have to until the New Year’s holiday is complete.
A range between 77.0000 and 81.7000 has large been seen over the past handful of weeks in the USD/RUB, with occasional outliers. Since the U.S Federal Reserve’s interest rate cut on the 10th of December the USD/RUB has actually traded within a higher realm, showing more magnetic price action towards the 80.0000 barometer. Before the Fed’s announcement the USD/RUB was closer to 77.0000 more consistently.
January Trading and the USD/RUB
Russia and Ukraine news remain a fixture regarding coverage, but the war between the two nations seems to have been accepted as part of the natural landscape via dealings for financial institutions active with the Russian Ruble.
- Behavioral sentiment has been steady over the past few months and the USD/RUB could be said to be traversing a slightly higher element.
- Speculators who want to trade the USD/RUB look like they may continue to believe values above the 80.2000 mark should be sold.
- Again, volumes in the USD/RUB will be nearly non-existent until early next week.
USD/RUB Short Term Outlook:
Current Resistance: 79.9000
Current Support: 79.0100
High Target: 81.1000
Low Target: 78.5000
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