FxWirePro: USD/RUB hits year high on weak oil price, good to buy at dips

USD/RUB has reached year high around 76.47 and slightly retreats from that level. Russian ruble lost 40% of its value last year and now 25% down compared to year ago.

• The decline in the price of ruble is mainly due to the  Western economic sanctions and plunging oil prices which is hovering around 11 - year lows.
   
• The Russian economy has been hit hard by sanctions imposed by the United States, the European Union, and other countries because of Moscow's 2014 annexation of the Ukrainian region of Crimea and its support for separatists in eastern Ukraine.
   
• Technically the pair is facing resistance around 76.70 and break above targets 77/77.50.
   
• Short term weakness can be seen only below 68. minor support is around 73.75/71.35.

It is good to buy at dip around 73.80 with SL around 71.35 for the TP of 76.70/77.50