USD/RUB stronger, testing highs near 65.00

The Russian Ruble is losing the grip on Thursday, now lifting USD/RUB to the upper end of the range around the 65.00 handle.

USD/RUB higher on oil drop

The pair is advancing for the third session in a row today, reversing yesterday’s drop to the 64.20/15 band following another pullback in crude oil prices. The barrel of Brent crude is now challenging 5-day lows in the $43.60 area and is practically eroding weekly gains after the IEA lowered its forecast for oil demand for the next year.

Adding to the upside, USD continues to gather buying interest today ahead of US Initial Claims and Import/Export Prices. In Russia, the CBR will publish its FX Reserves (USD) along with trade balance figures for the month of June.

USD/RUB levels to watch

At the moment the pair is advancing 0.17% at 64.97 and a break above 67.15 (high Jul.29) would aim for 67.67 (high Jun.2) and then 68.85 (200-day sma). On the other direction, the next support aligns at 64.18 (low Aug.10) followed by 62.75 (2016 low Jul.14) and finally 62.04 (low Nov.4 2015).