Originally Posted on InformedTrades
The Russian central bank recently announced a change of policy, in which it will stop intervening in the forex market to defend the ruble against depreciation from the dollar. The central bank argued that it was simply wasting money, as intervention was not working and the publication of intervention actually encouraged speculation.
Below is a chart of the US dollar/ruble exchange rate. Technically, we may have what could be signs of a top in the USDRUB exchange rate. Based on the news and technicals, is the time ripe to short USDRUB?
The Russian central bank recently announced a change of policy, in which it will stop intervening in the forex market to defend the ruble against depreciation from the dollar. The central bank argued that it was simply wasting money, as intervention was not working and the publication of intervention actually encouraged speculation.
Below is a chart of the US dollar/ruble exchange rate. Technically, we may have what could be signs of a top in the USDRUB exchange rate. Based on the news and technicals, is the time ripe to short USDRUB?