USD/RUB: Further range trading between March extremes at 66.52/63.59 - Commerzbank

Commerzbank analyst Axel Rudolph notes that USD/RUB continues to oscillate around the 55-day moving average at 64.72 and says they expect to see further range trading between the March extremes at 66.52/63.59.

Key quotes

"Good resistance comes in between the March and April highs and also the 200 day moving average at 65.84/66.52. Above it one can spot the February peak at 67.16."

"Minor support sits at last week’s low at 64.15. Strong support can be found between the March and April lows at 63.66/59, a fall through which would put the 50% retracement of the 2018 advance and the 200 week moving average at 63.37/03 on the cards. There the decline may level out in such a scenario, though."