The ruble is unreasonably high
During yesterday’s trading session the players tried to take, the ruble, as a result the dollar rebounded from a more than 1.5-year highs and closed above the level of RUB 62 this Occurred in the face of rising oil prices and the lack of pronounced demand for the American currency on the Forex market. But in the beginning of Friday’s session of the quotes back down again traded under the mark 62 RUB, while bearish momentum does not receive significant development.
The fact that traders decided to partially take profits on more than attractive levels, suggests that the Russian currency is close to the formation vertices (if not already formed it). The current rate seems unreasonably high, and overbought signals have appeared already for a long time, but shopping optimistic inertia pushes rice assets in a northerly direction in the absence of other news, and the thin pre-holiday trading exacerbating price movements.
And on the daily and weekly charts, the dollar is trading significantly below the 100 – and 200-SMA, and it says that the road to recovery promises to be challenging. In addition to the General positive attitude of investors against risk, our currency gets support from the oil market, where Brent is testing fresh highs mid-September, around 67 dollars per barrel. Confident breakout of this barrier is able to give a boost to the ruble in the short term. Then today the dynamics of prices on black gold will determine the energy report on crude oil inventories in the United States.
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