The USD/RUB continues to produce a steady price range for speculators to consider, this if they have a taste for the low volumes yet highly intriguing characteristics of the currency pair facing conflicting interpretations.
The USD/RUB is around the 78.9900 level as of this writing, depending on the bids and asks being demonstrated on brokers platforms. The currency pair has proven to be very capable of maintaining a tight value range as questions and considerations persists regarding a workable agreement concerning the Russian war with Ukraine.
Sentiment generated by simply reading global interpretations of the conflict between Russia and the Ukraine almost feel pointless. Because the USD/RUB has been able to tests lows around the 77.0000 mark and below in the past handful of days while also showing a rather significant amount of durable resistance near the 79.3000 realms – with an occasional outlier. The tight price range reflects confident attitudes by financial institutions trading the Russian Ruble.
Outside Perspectives are Perhaps Worthless
Traders pursing the USD/RUB who are relying on their own perspectives need to make sure they filter out their own bias regarding the political and military circumstances surrounding the Russian and Ukrainian war. It is clear that the USD/RUB has been able to sustain its lower price realm and has not produced any dramatic spikes upwards over the mid-term. Bearish momentum when considering a one month chart is noticeable.
Thus, as noise surrounding Russia is heard via various sources, the USD/RUB has demonstrated a sincere ability to show faith in the Russian Ruble as it has rather consistently gotten stronger. No the trend lower is not fast, nor is there price velocity, which makes speculating short-term on the USD/RUB difficult at best. Solid risk taking tactics are needed. However, if you are trading the USD/RUB it may be able to be assumed you are also an experienced Forex trader.
Looking for More Downside Seems Absurd but ……
Traders who want to and can continue to look for additional downside from the USD/RUB feels wrong from my perspective. However, the reason why it feels wrong via my analytical perspective is because of my potential bias and perhaps not enough inside knowledge regarding the cash trading of the Russian Ruble via international players who have a stake in its value.
- In other words, speculators who want to pursue the USD/RUB need to use their own judgement.
- Eliminate bias, and try to understand the economic and political landscapes that are obviously integrated and are causing the incremental downturn even though it looks suspiciously overly optimistic at this juncture.
- Risk management is needed and a sincere amount of patience and skill when wagering on the USD/RUB.
USD/RUB Short Term Outlook:
Current Resistance: 79.1000
Current Support: 78.9300
High Target: 79.3500
Low Target: 78.2250
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