FxWirePro: USD/RUB hits new multi-month highs after gap-up open, good to go long around 78.20, TP: 79.50

USD/RUB saw a gap up open today and has extended gains to hit fresh multi-month highs at 78.9450.

• Russian rouble is giving away further ground after crude oil prices have accelerated their downside today.
   
• Oil hits lowest since 2003, after removal of sanctions on Iran over the weekend heightened fears of a glut in the markets.
   
• The sanctions had slashed Iran's export by 2 million barrels per day (bpd), reducing output to around 1 million bpd.
   
• With sanctions removed Iran's oil exports will climb again to its pre-sanction highs choking a market already hit by glut concerns.

Recommendation: Good to buy dips around 78.20, SL: 77.40, TP: 79.50
Resistance Levels:

R1: 78.9450 (Session highs)

R2: 79.5151 (Dec 16 2014 highs)

Support Levels: 

S1: 77.4644 (Session lows)

S2: 76.8571 (5-DMA)

S3: 76.1156 (Jan 15 lows)