Rouble bears prepare to push lower amid FIFA scandal
Central bank of Russia, provided rate cut of 100 basis points, as economic outlook and inflation stabilized further. However short term outlook for Rouble remains clouded for following three reasons. Crude oil price fail…
Central bank of Russia, provided rate cut of 100 basis points, as economic outlook and inflation stabilized further.
However short term outlook for Rouble remains clouded for following three reasons.
Crude oil price failed to push higher so far, which remains a big liability for Russia.
FIFA scandal is intensifying, which pose further challenge into Russia's bid to host world cup. Apart of US, Swiss authority has extend investigation multi-million dollar probe into Russia's successful world cup hosting bid.
European Union likely to extend its sanctions on Russia, which is bad news for Rouble.
The above mentioned issues are likely to keep Rouble well offered against Dollar.
Technically speaking -
Rouble seem to have taken strong resistance against dollar around 52.4 area, bulls might be targeting around 60 area. However increasing volatility might keep it challenged for Rouble traders.
Rouble is currently trading at 54.3 against dollar. Long USD/RUB with stop around 52.4-52 area. First target is 55.6, second at 57 and final around 59.5. Book one third of profit at each target area.
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