Russian Ruble Should Drop Anytime Soon!
Good day!
The USD/RUB went down, seemingly working through a reverse flag pattern. However, the asset is yet to break the 62.48 support level. Once it’s broken, the asset could drop significantly:
Latest reports by COT CFTC show that large operators keep expanding their long positions when it comes to Russian ruble. Moreover, 32,455 contracts have been made as large operators bet on the Russian ruble’s price growth. It is also worth noting that, positions of the market players are at historical maximums, starting from 2009 or since the Russian ruble-related statistics has been kept. Yet there is a great risk that traders might start getting rid of the Russian ruble. This could drive a powerful jump in the price of the USD/RUB against dropping oil, tough sanctions or any other geopolitical events:
Gold remains at the 1400 level, forming a triangle in the daily chart. Yet, this triangle could even become a pennant with an unusually large body. We could assume that gold may jump anytime soon:
The Canadian currency broke the 1.3069 support level, thus targeting the rates of about 1.2900. Next to this value the asset’s price could get a very strong support from the weekly uptrend. So far, it seems feasible that the currency pair could drop smoothly:
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