Chart USD/RUB Update: Cautious trade turning higher
Cautious trade is giving way to a break above congestion around 85.0000
| Levels | Comment | Levels | Comment | |||||
| R4 | 93.0000 | * | break level | S1 | 85.0000 | ** | congestion | |
| R3 | 90.0000 | ** | congestion | S2 | 83.5000 | * | range lows | |
| R2 | 88.0000 | break level | S3 | 81.0300 | ** | 18 Mar YTD low | ||
| R1 | 86.4955 | 31 Mar (w) high | S4 | 80.0000 | ** | congestion |
Asterisk denotes strength of level
13:10 BST - Cautious trade is giving way to a break above congestion around 85.0000, with prices currently balanced beneath the 86.4955 weekly high of 31 March as overbought daily stochastics flatten. The daily Tension Indicator is rising and broader weekly charts are improving, highlighting a more constructive tone and room for further strength in the coming sessions. A break above 86.4955 will open up resistance at 88.0000. But already overbought daily stochastics could limit any initial break in consolidation beneath congestion around 90.0000. Meanwhile, support is down to the 83.5000 range lows and is expected to underpin any immediate tests below 85.0000.