Chart USD/RUB Update: Limited tests higher
Cautious trade is giving way to a test higher
Levels | Comment | Levels | Comment | |||||
R4 | 95.4750 | * | 23 Feb YTD high | S1 | 92.0000 | * | congestion | |
R3 | 95.0000 | ** | congestion | S2 | 91.0000 | * | congestion | |
R2 | 94.5925 | ** | 50% ret of Oct-Jan fall | S3 | 90.0000 | * | congestion | |
R1 | 93.0000 | * | congestion | S4 | 88.0000 | * | congestion |
Asterisk denotes strength of level
12:35 BST - Cautious trade is giving way to a test higher, as oversold daily stochastics unwind, with prices currently pressuring congestion resistance at 93.0000. A break cannot be ruled out, but the negative daily Tension Indicator and bearish weekly charts are expected to limit scope in fresh selling interest beneath strong resistance at the 94.5925 Fibonacci retracement. A close above here would turn sentiment neutral, but a further close above the 95.4750 current year high of 23 February is needed to turn sentiment outright positive and confirm continuation of January gains. Meanwhile, support remains at congestion around 92.0000 and extends to further congestion around 91.0000. However, a close below 90.0000 is needed to confirm a near-term top in place at the 95.4750 current year high of 23 February, and extend February losses towards 88.0000.