Chart USD/RUB Update: Consolidating test of 80.0000 - studies improving
The anticipated test of congestion resistance at 80.0000 is giving way to a pullback
| Levels | Comment | Levels | Comment | |||||
| R4 | 85.0000 | ** | congestion | S1 | 78.0000 | congestion lows | ||
| R3 | 83.5000 | * | congestion | S2 | 75.0500 | ** | 61.8% ret of 2022-2024 rally | |
| R2 | 81.0000 | * | break level | S3 | 74.0250 | ** | 10 Jul YTD low | |
| R1 | 80.0000 | ** | congestion | S4 | 73.0000 | ** | congestion |
Asterisk denotes strength of level
12:20 BST - The anticipated test of congestion resistance at 80.0000 is giving way to a pullback, as overbought daily stochastics flatten, with prices currently trading around 79.39. The daily Tension Indicator continues to rise and broader weekly charts are positive, highlighting room for further gains in the coming sessions. However, a close above 81.0000 is needed to turn sentiment outright positive and extend July gains towards further congestion around 83.5000. Meanwhile, support remains at congestion lows around 78.0000 and should underpin any immediate setbacks. A break, however, would add weight to sentiment and put focus on critical support within 74.0250-75.0500.