Russian Ruble: Shaky Future Ahead Against OPEC+ Deal?

<p>Good day!</p>
<p>Last week the USD/RUB pair has dropped against a certain progress in the G20 oil agreement. Of course, it’s not clear yet whether the countries are going to keep their promises to cut the oil prices as OPEC has not always been successful in that matter. Another question is whether the stated cut in oil production is going to result in a highly anticipated decrease of demand. So far, nobody really knows how large the current demand truly is and how it is going to change due to the pandemic. We are also wondering how long the agreement “OPEC + the rest of the world” is going to last since it has been made between very different countries such as USA, Russia, Mexico, Iran and others which have never been so cooperative before. Let’s wait and see what is about to happen next.</p>
<p>When it comes to the USD/RUB, the supporting zone around the weekly level of 70.50 seems to be an interesting option. Away from this zone the currency pair might pull back. Moreover, decreased oil production from the Russian side might cause the asset to drop:</p>
<p><img class="alignnone size-large wp-image-41640" src="http://blog.tickmill.com/wp-content/uploads/2020/04/1-14-1024×475.png" alt="" width="1024" height="475" srcset="https://blog.tickmill.com/wp-content/uploads/2020/04/1-14-1024×475.png 1024w, https://blog.tickmill.com/wp-content/uploads/2020/04/1-14-300×139.png 300w, https://blog.tickmill.com/wp-content/uploads/2020/04/1-14-768×357.png 768w, https://blog.tickmill.com/wp-content/uploads/2020/04/1-14.png 1094w" sizes="(max-width: 1024px) 100vw, 1024px" /></p>
<p>Having abruptly decreased the long positions on Russian ruble against the announced price war between Riyadh and Moscow, large operators are already taking a wait-and-see approach for a couple of weeks in a row, gradually increasing their long positions against the market and non-market rumors. We feel that large operators will keep expanding their long positions further on:</p>
<p><img class="alignnone size-large wp-image-41654" src="http://blog.tickmill.com/wp-content/uploads/2020/04/2-10-1024×530.png" alt="" width="1024" height="530" srcset="https://blog.tickmill.com/wp-content/uploads/2020/04/2-10-1024×530.png 1024w, https://blog.tickmill.com/wp-content/uploads/2020/04/2-10-300×155.png 300w, https://blog.tickmill.com/wp-content/uploads/2020/04/2-10-768×397.png 768w, https://blog.tickmill.com/wp-content/uploads/2020/04/2-10.png 1141w" sizes="(max-width: 1024px) 100vw, 1024px" /></p>
<p>Gold is expected to jump and reach the level of 1800 just to break it through and target the psychological level of 1900 dollars per ounce. Gold might even target the level of 1800.00. Should the gold manage to break the horizontal, it might even reach the level of 1900.00. Gold might do well and jump thanks to multiple quantitative easing which has been recently made by many countries of the world:</p>
<p><img class="alignnone size-large wp-image-41642" src="http://blog.tickmill.com/wp-content/uploads/2020/04/3-5-1024×475.png" alt="" width="1024" height="475" srcset="https://blog.tickmill.com/wp-content/uploads/2020/04/3-5-1024×475.png 1024w, https://blog.tickmill.com/wp-content/uploads/2020/04/3-5-300×139.png 300w, https://blog.tickmill.com/wp-content/uploads/2020/04/3-5-768×357.png 768w, https://blog.tickmill.com/wp-content/uploads/2020/04/3-5.png 1094w" sizes="(max-width: 1024px) 100vw, 1024px" /></p>
<p>In the daily chart, gold will have to break the resistance level of 1703.00 through in order to jump. Otherwise gold might pull from this resistance level and drop. At that point, gold prices might form a candlestick pattern looking like a shooting star, bearish engulfing etc. in the horizontal line, and reverse the chart down:</p>
<p><img class="alignnone size-large wp-image-41643" src="http://blog.tickmill.com/wp-content/uploads/2020/04/4-3-1024×475.png" alt="" width="1024" height="475" srcset="https://blog.tickmill.com/wp-content/uploads/2020/04/4-3-1024×475.png 1024w, https://blog.tickmill.com/wp-content/uploads/2020/04/4-3-300×139.png 300w, https://blog.tickmill.com/wp-content/uploads/2020/04/4-3-768×357.png 768w, https://blog.tickmill.com/wp-content/uploads/2020/04/4-3.png 1094w" sizes="(max-width: 1024px) 100vw, 1024px" /></p>
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<p>The post <a rel="nofollow" href="https://blog.tickmill.com/tech-analysis/russian-ruble-shaky-future-ahead-opec-deal/">Russian Ruble: Shaky Future Ahead Against OPEC+ Deal?</a> appeared first on <a rel="nofollow" href="https://blog.tickmill.com">Tickmill</a>.</p>