Many Forex brokers are still not allowing retail clients to trade the USD/RUB, but that doesn’t make the currency pair any less interesting.
On the 4th of March 2022, the USD/RUB traded within sight of the 155.0000 level. In early trading this morning the USD/RUB currency pair is near the 60.5000 vicinity and producing a rather solid consolidated price ratio. In early April of 2022 the USD/RUB was trading near the 86.0000 mark, this after the slide in the Russian Ruble’s value was stopped and selling of the currency pair actually showed strength.
The USD/RUB remained in a selling pattern and in late June the USD/RUB actually came within sight of the 50.0000 level. In the first week of July the USD/RUB did reverse upwards and did touch the 68.0000 vicinity, but the currency pair recovered balance and by the 20th of July the USD/RUB was trading near the 54.0000 ratio.
The Russian Ruble has been one of the Strongest Currencies in the World Versus the USD
The past few weeks of trading has essentially seen the USD/RUB trade within the 58.0000 to 64.0000 price range. Before speculators start getting enticed to trade the USD/RUB, they should take note and know that many Forex brokers have stopped offering the USD/RUB to trade. This because of volatility and perhaps maybe because of the perceived backlash associated with the Russian Ruble due to political circumstances, namely the war in the Ukraine.
Sanctions against Russia have not stopped the trading of the Russian Ruble
The perceived moral principle being conducted by regulated Forex brokers regarding the USD/RUB is making it more difficult to trade due to international sanctions against Russia on mere trading platforms. However, the USD/RUB does continue to trade in various spheres. And make no mistake the USD/RUB has actually turned significantly bearish. Meaning the Russian Ruble has in fact gotten strong, and taking into consideration the observation that at this time last year the USD/RUB was trading near 72.0000 eyebrows should be raised, because the ‘larger’ war with the Ukraine broke out only this year.
- The USD/RUB has produced significant support near the 58.7500 level, and if it proves durable could ignite the temptation to buy the currency pair in the short term.
- Resistance near the 62.2000 level has produced reversals lower. Traders that can participate in the USD/RUB are urged to use entry price levels if they can.
The strength of the Russian Ruble and the acknowledgement the USD/RUB has been hovering within a strong consolidated value range proves so-called sanctions monetarily have not worked against Russia. Russia is still selling its energy to many nations and has been almost ‘begged’ by some European nations to continue its supply of Natural Gas uninterrupted to avoid brownouts and help fight rising inflation. The above will not be said in polite company, but the truth is unmistakable. And then there are the whispers that Russian corporate bonds continue to be sold in the international market within financial entities in countries that operate in ‘grey’ legal jurisdictions, and there is also a suggestion that some hedge funds including American firms continue to trade the bonds.
The USD/RUB is within a tight consolidated price range. Speculators who can participate in the buying and selling of the USD/RUB should not expect a violent sudden reversal higher short term, in fact for the foreseeable coming months, the USD/RUB may remain rather comfortably range bound and provide technical trading opportunities to take advantage of seemingly ‘normal’ support and resistance levels.
Russian Ruble Short Term Outlook:
Current Resistance: 62.0000
Current Support: 59.5000
High Target: 64.5000
Low Target: 58.2500
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