Chart USD/RUB Update: Higher in range
Consolidation within support at congestion around 80.0000 and the 81.0300 monthly low of 18 March has given way to a bounce
| Levels | Comment | Levels | Comment | |||||
| R4 | 88.0000 | * | break level | S1 | 81.0300 | ** | 18 Mar (m) low | |
| R3 | 87.1735 | ** | 9 Apr (w) high | S2 | 80.0000 | ** | congestion | |
| R2 | 85.0000 | ** | congestion | S3 | 78.6250 | * | 21 Apr YTD low | |
| R1 | 83.5000 | * | congestion | S4 | 78.5000 | * | historic congestion |
Asterisk denotes strength of level
12:25 BST - Consolidation within support at congestion around 80.0000 and the 81.0300 monthly low of 18 March has given way to a bounce, as intraday studies turn higher, with prices currently trading around 82.3800. Daily readings are also improving and negative weekly charts are flattening, suggesting room for a test of congestion resistance at 83.5000. Beyond here is congestion around 85.0000, but by-then-overbought daily stochastics are expected to llimit any initial tests of here in fresh consolidation. Meanwhile, support remains down to 80.0000. But a close below the 78.6250 current year low of 21 April is needed to turn sentiment outright negative and confirm continuation of broad November losses.