The USD/RUB is up sharply this Thursday, gaining as much as 1.37% on the day after the US government aid it would apply new sanctions on Russia for cyber activity considered to be malicious and alleged interference in US elections.
Relations between the US and Russia have degenerated since the new US administration took over. This week, Russia issued a warning to the US to pull its warships away from the waters surrounding the disputed Crimea region.
The Kremlin has vowed to respond to what it calls any “illegal sanctions,” in a statement captured by Reuters.
Technical Outlook for USDRUB
The daily candle has pulled back from intraday tops just above the 78.507 resistance. However, the 76.925 support has held well and is providing a pivot for a renewed onslaught on 77.689. A break of this price level allows the pair to aim for 78.507 at the nearest instance.
However, the progressively lower tops could give cause for concern as it indicates a gradual decline in bullish momentum. If this decline is carried through by sellers, the USD/RUB could break down the 76.925 support, targeting 76.311 initially. Below this level, 75.258 and 74.797 are additional targets to the south.