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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.
