Ruble Follows Oil: What’s Next?
Good day!
When it comes to the Russian ruble, the situation remains the same. The asset is staying still right next to the level of 79. There is a pennant alike formation in the daily chart, but the currency pair is following oil price movements, which are even less wild compared to those of the USD/RUB. We feel that the asset will test a pennant or the level of 75.40 and then only jump:
Having jumped and then dropped, the price of the Australian currency got back below the level of psychological support of 0.6000, which is very well visible in the monthly timeframe. We assume that the asset should pull from horizontal line:
WTI oil is testing the psychological support at the level of 20.00 for the third time in a row. The asset should correct itself till the resistance level of 27.55 or even deeper. Of course, oil can also drop below the level of 20 due to decreased demand:
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Disclaimer: The material provided is for information purposes only and should not be considered as investment advice. The views, information, or opinions expressed in the text belong solely to the author, and not to the author’s employer, organization, committee or other group or individual or company.
Past performance is not indicative of future results.
High Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% and 75% of retail investor accounts lose money when trading CFDs with Tickmill UK Ltd and Tickmill Europe Ltd respectively. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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