USD/RUB: Failure at 76.02 would confirm a top formation, changing bias to bearish – Commerzbank

Analysts at Commerzbank, point out the USD/RUB had probably topped out at 80.94. They explained that a daily close below 76.02 (October low) would confirm a top formation.

Key Quotes: 

“USD/RUB’s advance has taken it above the 79.99 late September high to the current November high at 80.94 before rapidly slipping back to below the October low at 76.02. Since negative divergence on the daily RSI accompanied the current November high at 80.94 we decided to neutralise our forecast for the time being.”

“Failure at the 76.02 October low on a daily chart closing basis would confirm a top formation and make us bearish. In this case the early to mid-August and September lows at 73.37/72.64 would be back in the frame as well as the early July high at 72.31.”

“Minor resistance comes in at the 78.47 mid-October high and major resistance at the September and current November highs at 79.99/80.94. Further up sits the March peak at 82.12.”