USD Trading Outlook (22-07-2015)
Medium Term Strategy: Forex Pair of the day
USD/RUB – the upside prevails
The 20-day moving average crossed upward both the 50-day and 200-day moving averages. In addition, the daily RSI is supported by a rising trend line. Therefore, as long as 52.30 holds as a support (horizontal support and overlap), a continuation of the rebound is likely with 58.70 as a first target (horizontal resistance and overlap) and 64 in extension (horizontal resistance and overlap). A third target is set at 71.80 (January top). Alternatively, a break below 52.3 would call for another test of the 48.5 strong support base. A break below this threshold would lead to a drop towards the next support at 41.
