USD/RUB retreats from tops, back below 67.00

• The pair remains on the defensive below the 67.00 handle.
• RUB gains ground after recent multi-day lows vs. the greenback.
• Rouble vigilant on Russia-Ukraine recent effervescence.

The Russian Rouble is reclaiming some ground lost in past sessions and is now forcing USD/RUB to recede to sub-67.00 levels, or multi-day peaks.

USD/RUB focused on geopolitics, oil

The pair broke above the multi-session consolidative pattern seen during last week and clinched tops beyond 67.00 the figure on Monday following increasing jitters on the geopolitical front.

In addition, the weakness around crude oil prices keeps RUB buyers at bay for the time being. It is worth mentioning that the barrel of Brent crude shed nearly 33% since 2018 tops recorded in early October to last Friday’s low in the $58.40 region, where some support appears to have emerged.

In addition, RUB stays cautious on the recent re-emergence of geopolitical jitters after Russia captured Ukrainian ships on Sunday while EU officials already voiced the likeliness of potential sanctions.

USD/RUB levels to watch

At the moment the pair is losing 0.39% at 66.83 and a break below 66.41 (55-day SMA) would aim for 65.43 (low Nov.22) and finally 65.00 (low Oct.22). On the other hand, the next up barrier aligns at 67.32 (high Nov.26) seconded by 68.27 (high Nov.14) and then 69.00 (high Aug.23).