23 Dec 2014
Ruble’s path? – Forex.com
FXStreet (Guatemala) - Matt Weller, Senior Technical Analyst on FOREX.com noted that USD/RUB gapped lower into the mid-50s to start the week, and the currency has managed to hold near that level thus far today.
Key Quotes:
“The efficacy of technical analysis is limited in such an emotionally-driven market, but for what it’s worth, the pair is now testing a key support level at the 20-day MA, which has consistently provided support since July”.
“The pair’s MACD indicator is now back to showing signs of rolling over for the first time since mid-November”.
“If no further suprises emerge over the holiday season, USD/RUB may break key support at its 20-day MA, clearing the way for a move down to its 78.6% Fibonacci retracement at 51.70 or key psychological support at 50.00”.
“On the other hand, if oil prices resume their decline or the failure of National Trust Bank prompts runs on other banks, USD/RUB could easily turn higher off its support level and rise back toward 60 by New Year’s Day”.
Key Quotes:
“The efficacy of technical analysis is limited in such an emotionally-driven market, but for what it’s worth, the pair is now testing a key support level at the 20-day MA, which has consistently provided support since July”.
“The pair’s MACD indicator is now back to showing signs of rolling over for the first time since mid-November”.
“If no further suprises emerge over the holiday season, USD/RUB may break key support at its 20-day MA, clearing the way for a move down to its 78.6% Fibonacci retracement at 51.70 or key psychological support at 50.00”.
“On the other hand, if oil prices resume their decline or the failure of National Trust Bank prompts runs on other banks, USD/RUB could easily turn higher off its support level and rise back toward 60 by New Year’s Day”.