Chart USD/RUB Update: Consolidating - studies improving
Little change, as flattening overbought daily stochastics keep sentiment cautious
Levels | Comment | Levels | Comment | |||||
R4 | 95.4750 | * | 23 Feb YTD high | S1 | 92.0000 | * | congestion | |
R3 | 95.0000 | ** | congestion | S2 | 90.0000 | * | congestion | |
R2 | 94.5925 | ** | 50% ret of Oct-Jan fall | S3 | 88.0000 | * | congestion | |
R1 | 93.5575 | * | 22 Mar (m) high | S4 | 87.0270 | ** | 21 Nov (m) low |
Asterisk denotes strength of level
12:30 BST - Little change, as flattening overbought daily stochastics keep sentiment cautious and extend consolidation beneath the 93.5575 monthly high of 22 March. The daily Tension Indicator is positive and broader weekly readings are also turning higher, suggesting potential for a later break above here to the 94.5925 Fibonacci retracement. Critical resistance, however, is at the 95.4750 current year high of 23 February. A close above here is needed to turn sentiment outright positive and extend January gains towards the 96.4700 retracement. Meanwhile, support remains at congestion around 92.0000 and should continue to underpin any immediate setbacks.