The Russian ruble has been consistently strengthening, hovering around 88-89 rubles per US dollar, driven by the weakening of the US dollar and increased interest rates in the past week. Additionally, recent economic indicators announced today signal a much-improved outlook for Russia's ability to grow its economy in the future. However, despite this progress, Russia's economy still requires ongoing government support to sustain growth at this stage.
As a major exporter of crude oil, Russia may encounter increased risks in its exports due to the strengthening ruble and decreased oil prices, which diminish profitability in exports. This situation also pressures Russia to find alternative oil export channels beyond the BRICS group, which currently dominates a significant portion of Russian oil exports.
Russia hit a multi-year low unemployment rate of 2.9% in October, aligning with market expectations. This record-low unemployment rate is a result of severe labor shortages due to the conflict in Ukraine, prompting significant mobilization and subsequent migration.
Industrial production saw a slight decline of 5.3% compared to the previous year in October, despite continuous growth since the beginning of the year. Government support, however, facilitated rapid expansion of production capacity, leading to increased output.
Government financial support for consumer spending has consistently boosted retail sales in Russia, rising by 12.7% compared to the previous year in October. This increased consumer spending, totaling 16,656.20 billion rubles, has expanded the purchase of goods and increased consumer confidence.
Russia's 10-year government bond yields remain around 12%. Despite this, the strengthened currency from foreign currency sales and continuous inflation rates have led the Central Bank of Russia to adopt a tighter monetary policy to combat rising inflation, potentially causing government bond yields to increase further.
Resistance: 88.8969, 89.3072, 89.5698
Support: 88.2240, 87.9614, 87.5511
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
| Classic | 87.5511 | 87.9614 | 88.2240 | 88.6343 | 88.8969 | 89.3072 | 89.5698 |
| Fibonacci | 87.9614 | 88.2184 | 88.3773 | 88.6343 | 88.8913 | 89.0502 | 89.3072 |
| Camarilla | 88.3017 | 88.3633 | 88.4250 | 88.6343 | 88.5484 | 88.6101 | 88.6718 |
| Woodie's | 87.4773 | 87.9245 | 88.1502 | 88.5974 | 88.8231 | 89.2703 | 89.4960 |
| DeMark's | - | - | 88.0927 | 88.5687 | 88.7657 | - | - |
Buy/Long 1: If the price touches support in the price range of 87.9614 - 88.2240 but cannot break the support at 88.2240, you may set a TP at approximately 89.3072 and SL at around 87.5511 or according to your acceptable risk.
Buy/Long 2: If the price breaks the resistance in the price range of 88.8969 - 89.3072, you may set a TP at approximately 89.5698 and SL at around 87.9614 or according to your acceptable risk.
Sell/Short 1: If the price touches resistance in the price range of 88.8969 - 89.3072 but cannot break the resistance at 88.8969, you may set a TP at approximately 87.9614 and SL at around 89.5698 or according to your acceptable risk.
Sell/Short 2: If the price breaks the support in the price range of 87.9614 - 88.2240, you may set a TP at approximately 87.5511 and SL at around 89.3072 or according to your acceptable risk.
| Name | Value | Action |
| RSI(14) | 43.834 | Sell |
| STOCH(9,6) | 57.669 | Buy |
| STOCHRSI(14) | 6.910 | Oversold |
| MACD(12,26) | -0.025 | Sell |
| ADX(14) | 41.771 | Sell |
| Williams %R | -78.132 | Sell |
| CCI(14) | -89.3151 | Sell |
| ATR(14) | 0.3174 | Less Volatility |
| Highs/Lows(14) | -0.1407 | Sell |
| Ultimate Oscillator | 52.410 | Buy |
| ROC | -0.056 | Sell |
| Bull/Bear Power(13) | -0.4454 | Sell |
|
Buy:2 Sell:8 Neutral:0 Summary:Strong Sell |
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