Chart USD/RUB Update: Leaning lower
Cautious trade beneath congestion resistance at 74.0000 has given way to a pullback
| Levels | Comment | Levels | Comment | |||||
| R4 | 75.8000 | * | congestion tops | S1 | 71.0000 | * | congestion | |
| R3 | 75.0000 | ** | congestion | S2 | 70.0350 | ** | 20 May YTD low | |
| R2 | 74.0000 | * | congestion | S3 | 70.0000 | ** | psychological | |
| R1 | 73.0000 | * | break level | S4 | 69.0200 | * | February 2023 (m) low |
Asterisk denotes strength of level
13:20 BST - Cautious trade beneath congestion resistance at 74.0000 has given way to a pullback, with steady selling interest reaching 71.4400 before settling into consolidation around 72.0000. Overbought daily stochastics are unwinding and the daily Tension Indicator is turning down, highlighting a deterioration in sentiment and room for further losses towards congestion support at 71.0000. Just lower is the 70.0350 current year low of 20 May. But mixed/positive weekly charts should limit any initial tests of here in renewed consolidation, before bearish longer-term charts prompt further losses. Meanwhile, resistance is lowered to 73.0000. A close back above here, if seen, will help to stabilise price action and prompt fresh consolidation beneath 74.0000.