USD/RUB: Risks remain on the downside - Natixis

Micaella Feldstein, Research Analyst at Natixis, suggests that the risks remain on the downside for USD/RUB pair as downside parallels have emerged on the daily chart and as the weekly MACD remains bearish.

Key Quotes

“Against this backdrop, a return above a resistance at 59 (daily Bollinger moving average) sounds highly unlikely and we rather see a new leg lower to 56.60-56.85 (daily Bollinger lower band).”

“Caution will be in order as a break below these thresholds would signal a strong deterioration in the technical outlooks, unleashing added downside potential to 54.10 (quarterly parabolic) and even 52.35-52.50 (rising trendline). The resistances are at 59-59.30, at 60.90, at 62.80, at 63.90 and at 65.85.”