Ruble Follows Oil: What’s Next?

<p>Good day!</p>
<p>When it comes to the Russian ruble, the situation remains the same. The asset is staying still right next to the level of 79. There is a pennant alike formation in the daily chart, but the currency pair is following oil price movements, which are even less wild compared to those of the USD/RUB. We feel that the asset will test a pennant or the level of 75.40 and then only jump:</p>
<p><img class="alignnone size-large wp-image-41060" src="http://blog.tickmill.com/wp-content/uploads/2020/04/1-2-1024×475.png" alt="" width="1024" height="475" srcset="https://blog.tickmill.com/wp-content/uploads/2020/04/1-2-1024×475.png 1024w, https://blog.tickmill.com/wp-content/uploads/2020/04/1-2-300×139.png 300w, https://blog.tickmill.com/wp-content/uploads/2020/04/1-2-768×357.png 768w, https://blog.tickmill.com/wp-content/uploads/2020/04/1-2.png 1094w" sizes="(max-width: 1024px) 100vw, 1024px" /></p>
<p>Having jumped and then dropped, the price of the Australian currency got back below the level of psychological support of 0.6000, which is very well visible in the monthly timeframe. We assume that the asset should pull from horizontal line:</p>
<p><img class="alignnone size-large wp-image-41061" src="http://blog.tickmill.com/wp-content/uploads/2020/04/2-1-1024×475.png" alt="" width="1024" height="475" srcset="https://blog.tickmill.com/wp-content/uploads/2020/04/2-1-1024×475.png 1024w, https://blog.tickmill.com/wp-content/uploads/2020/04/2-1-300×139.png 300w, https://blog.tickmill.com/wp-content/uploads/2020/04/2-1-768×357.png 768w, https://blog.tickmill.com/wp-content/uploads/2020/04/2-1.png 1094w" sizes="(max-width: 1024px) 100vw, 1024px" /></p>
<p>WTI oil is testing the psychological support at the level of 20.00 for the third time in a row. The asset should correct itself till the resistance level of 27.55 or even deeper. Of course, oil can also drop below the level of 20 due to decreased demand:</p>
<p><img class="alignnone size-large wp-image-41054" src="http://blog.tickmill.com/wp-content/uploads/2020/04/3-1024×475.png" alt="" width="1024" height="475" srcset="https://blog.tickmill.com/wp-content/uploads/2020/04/3-1024×475.png 1024w, https://blog.tickmill.com/wp-content/uploads/2020/04/3-300×139.png 300w, https://blog.tickmill.com/wp-content/uploads/2020/04/3-768×357.png 768w, https://blog.tickmill.com/wp-content/uploads/2020/04/3.png 1094w" sizes="(max-width: 1024px) 100vw, 1024px" /></p>
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