- Summary:
- The USDRUB is trending upwards, as the pair reacts to ongoing market fundamentals in the crude oil market and US economic
The USDRUB pair presents an opportunity to trade current market fundamentals in a lesser known exotic pair. This is because the Russian ruble is presently on offer as a result of lower crude oil prices while the US Dollar is getting some demand from the durable goods orders report released a few minutes ago.
The durable goods orders came in at 1.9% while the core durable goods orders figure month-on-month was registered at 0.8%. This dataset surprised to the upside as the durable goods orders had been forecast to come in at 0.5%, which was the same as the previous figure. The while core durable goods orders had been projected to come in at 0.3%, with a previous figure of 0.6% (revised upwards).
This enabled the USDRUB pair to extend its recovery from yesterday’s upside, registering a gain of 0.91% as at the time of writing.
Technical Analysis for the USDRUB Pair
Today’s upside move on the pair is an extension of yesterday’s recovery following the crash of crude oil prices which put the Russian ruble under pressure and allowed the US dollar to acquire some demand . The US Dollar continues to attract bids following the upbeat durable goods orders report. This puts the pair on course towards attaining the upper border of the consolidation area. Considering the price action from September 2020 till date on the daily chart, we can view the consolidation area as the flag component of a bullish flag. A break above the flag brings the pair in contact with the 78.195 resistance initially. However, this level is expected to give way if flag evolution continues, with the 79.931 being the logical target that corresponds to the measured move from the flag breakout area.
On the flip side, rejection at the upper boundary would allow price to continue to oscillate within the channel consolidation area, targeting 76.501 initially as well as the 75.974 support level. If price continues to oscillate towards the lower channel border, 75.47 may come into the picture and 74.52 could line up as an additional target to the south.
USDRUB Daily Chart
