The USD/RUB is near the 81.1900 ratio as of early this morning. The currency pair has been able to demonstrate a remarkable amount of consolidation and lack of volatility in Forex.
After what appeared to be a ramp up of political rhetoric and saber rattling in September, the USD/RUB which experienced a short surge upwards in the wake of the Trump and Putin summit based on nervousness has returned to a rather tranquil trading outlook. The USD/RUB as of this writing is near the 81.1900 ratio and produced consolidate ratios for traders.
The USD/RUB remains a currency pair that is not widely traded. Brokers that offer the ability to trade the USD/RUB likely remain cautious regarding bids and asks, day traders are advised to look at the spread of the USD/RUB being offered on platforms and consider using entry price orders. However, because of the rather tight value band in the USD/RUB there likely remain speculators who feel they can take advantage of support and resistance levels, besides the handful of specialists in the currency pair that may have inside knowledge and are wagering on outcomes which they suspect will happen.
86.0000 Level in September Reverses Lower
After seeing momentary volatility in September with a high near the 86.0000 mark on the 11th of September, the USD/RUB has produced a rather consistent incremental bearish trend back towards lower values. Yes, the USD/RUB did challenge the 78.0000 vicinity last week and has traversed back to tests of the 82.0000 mark in recent days, but it does appear for the moment the current price realms are steady.
The specter of loud rhetoric and violence via the Russia and Ukrainian war still shadow the USD/RUB, but the currency pair has shown the ability to remain rather consolidated. Day traders brave enough to wager on the USD/RUB may see moves higher as an opportunity to sell the currency pair. The question having seen lows of nearly 78.0000 develop last week is where support levels can be contemplated.
Patience and Speculative Targets
Day traders of the USD/RUB should remain realistic and not target prices too far away.
- Looking for a potential selloff in the near-term of the USD/RUB may prove worthwhile.
- However, looking for penetration beneath the 80.0000 ratio may prove to be a step too far for traders without the ability to be patient and with limited funds.
- Speculators betting on the USD/RUB also should use take profit orders in order to cash out winnings when favorable price action is sparked.
- Looking for some additional downside in the USD/RUB appears to be logical for USD/RUB traders, but cautious speculators may want to see some upside develop before looking for a renewal of bearish price action.
USD/RUB Short Term Outlook:
Current Resistance: 81.9000
Current Support: 81.0010
High Target: 82.4000
Low Target: 80.0000
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