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USD/RUB hits 1-year high on oil market collapse

Thursday, January 21, 2016 9:11 AM UTC

USD/RUB hits year high at 84.77 on account of oil market collapse. It is currently trading around 84.28.
WTI oil plunges 6.7% yesterday and closed below $27 a barrel for the first time since decline in crude oil prices was mainly due to Chinese economic slowdown and resumption of oil exports by Iran.
Iran is ready to start its exports after western sanctions has been lifted. The country is ready to increase crude exports by 500000 bpd .
Technically the pair has broken previous high 82.45 and jumped till 84.94 at the time of writing. Short term trend is still bullish as long as 79.60 holds. Any break below 79.60 will drag the pair till 78.60/78.
On the higher side any break above 85 will take the pair till 87.30 level.

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USD/RUB hits 1-year high on oil market collapse

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