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Bullish Price Sequence

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  • USD/RUB trades +0.31% higher this morning, brushing off slightly firmer oil markets to follow the USD higher.
  • The cross closed yesterday's session -0.30% lower, finding support at 72.60 for a second consecutive day.
  • Brent trades +0.35% higher this morning, with price action hovering around the $77.50 mark following a strong week of gains (+2.81%) resulting from ultra-low inventories.
  • With limited data on the agenda for today, the cross should track global risk sentiment into the weekend.
  • Next week we face a packed data schedule with 2Q Current Account, GDP, retail sales, real wages, and unemployment data on the docket.
  • Possible protest action from opposition parties will be monitored, but seems unlikely to spark any major action.
  • Intraday Sup1: 72.862, Sup2: 72.6637, Res1: 73.2181, Res2: 73.5125