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Ruble gapped lower on weak oil

FXStreet (Moscow) - USD/RUB opened the trades with a gap higher at 39.66, reached 39.70 before retreating to current 39.65.

Too many reasons to fall

Yesterday, the Russian currency managed to refresh historical low at 39.82 against USD on Bloomberg news about the possibility of capital controls in Russia in case of intensifying outflows. Ruble tumbled to intervention zone of the Bank of Russia, and quickly recovered part of the losses with a help of regulator. However, today USD/RUB gapped higher again at the opening, as it reacted to the oil 2-year lows reached during yesterday’s American session. The Russian economy is oriented on oil export, thus, every time the prices go down, it pressures the ruble. Nevertheless, further upward potential of the pair is limited now, as it is trading too close to the area where the central bank may intervene. The nearest resistance may be found at 39.83.

What are today’s key USD/RUB levels?

Today's central pivot point can be found at 39.56, with support below at 38.33, 39.06 and 38.82, with resistance above at 39.83, 40.07 and 40.34. Hourly Moving Averages are bullish, with the 200SMA at 38.79 and the daily 20EMA bullish at 38.21. Hourly RSI is bearish at 57.

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