The market’s last week will be filled with increased trading volumes and liquidity as Christmas and New Year are just around the corner. Market will be on thin ice as traders are enjoying the holidays. By the end of Friday, the trading trading activity will gradually cease.

When it comes to the Russian currency, two important things happened last week. First, the Central Bank of Russia raised the key interest rate by 0,25 pp., increasing it up to 7,75% p.a. The Russian Ruble did not react that much to this news as the Bank of Russia made decision to resume buying currency within budgetary rule starting from January 15. In general, Friday closed with a growth of the USD/Rub rate.

We still assume that triangle from daily chart will get broken through and the asset will approach the level of 70.00:

Based on the reports by COT CFTC, we expect a drop in the rate of USD/RUB since large operators are increasingly selling this asset. Although things may radically change against the latest decisions made by the Bank of Russia:

 

Oil keeps forming a triangle which looks like a pennant on the weekly chart. Therefore, we assume that next week oil will head down. In principle, should oil head South, interesting things may very well happen:

Reports by COT CFTC show that large operators keep expanding short positions on oil signifying the fact that should triangle get broken down, oil will most certainly drop:

 

Rate of single currency keeps testing supporting zone formed between the levels 1.1301 and 1.1215 reflecting the outmost significance of such a support. So far, it is about to head up.

Please note that this material is provided for informational purposes only and should not be considered as investment advice. Trading in the financial markets is very risky.

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The market’s last week will be filled with increased trading volumes and liquidity as Christmas and New Year are just around the corner. Market will be on thin ice as traders are enjoying the holidays. By the end of Friday, the trading trading activity will gradually cease. When it comes...