Chart USD/RUB Update: Range extension - daily studies edging higher
Little change, as prices extend cautious trade within the 80.0000 - 81.0000 range
| Levels | Comment | Levels | Comment | |||||
| R4 | 85.0000 | ** | congestion | S1 | 80.0000 | ** | congestion | |
| R3 | 83.5000 | * | congestion | S2 | 79.1450 | ** | 7 Aug (w) range low | |
| R2 | 82.6100 | ** | 29 Jul (m) high | S3 | 78.0000 | congestion lows | ||
| R1 | 81.0000 | * | break level | S4 | 75.0500 | ** | 61.8% ret of 2022-2024 rally |
Asterisk denotes strength of level
13:10 BST - Little change, as prices extend cautious trade within the 80.0000 - 81.0000 range. Daily stochastics are flattening in overbought areas, suggesting room for further range trade. However, both the daily and weekly Tension Indicator are rising, pointing to potential for a later break above resistance at 81.0000. Focus will then turn to critical resistance at the 82.6100 monthly high of 29 July. But flat overbought weekly stochastics are expected to limit any initial tests in consolidation. Meanwhile, support remains at congestion around 80.0000. But a close below the 79.1450 range low of 7 August is needed to turn sentiment negative and extend late-July losses towards congestion around 78.0000.