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Rouble bears are pushing the currency lower, as second rout in oil prices clouding the outlook for the oil giant.
Rouble has reached all three of our targets (See: Rouble bears prepare to push lower amid FIFA scandal)
However as it looks, further rout is possible in Rouble as oil prices are headed lower. Russia might even face further sanctions from US and EU over Ukraine.
Prices have fallen for its other exports too, such as Nickel and with its giant neighbor China slows down, pain will be far more acute this time around.
Trade idea:
- If positions are booked, fresh small long position can be opened in favor of dollar against Rouble. Rouble above 60 will clearly be under the radar of Russian central bank and intervention is possible, mostly in terms of direct intervention.
- However, a fall towards 63 is very much likely against dollar, if oil rout continues further.
Rouble is currently trading at 60.3 against dollar.
