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    Technical Analysis – USDRUB rising close to all-time high

    USDRUB has been rising steadily within a channel since bouncing from the October 2015 low of 60.39. A high of 76.73 was hit this week, close to when prices spiked to an all-time high of 78.51.

    The bullish bias is being highlighted by the positively aligned tenkan-sen and kijun-sen lines, which are both pointing upwards.(on the weekly chart)

    There is scope to target the all-time high of 78.51 hit back in December 2014. RSI is in bullish territory which indicates there is upside momentum although this could fade since it has approached overbought levels at 70 so some consolidation in the near term is possible.

    For downside moves, the Ichimoku cloud is important for providing support. If 60.39 is breached and prices penetrate into the cloud and fall below 56.00 (bottom of cloud), this could bring about a shift in the bullish bias.

    Risk Warning: Forex, Commodities, Options and CFDs (OTC Trading) are leveraged products that carry a substantial risk of loss up to your invested capital and may not be suitable for everyone. Please ensure that you fully understand the risks involved and do not invest money you cannot afford to lose. Please refer to our full Risk Disclosure.


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