USD/RUB Price Analysis: Bears retake control with eyes sub-60.00 region
|- USD/RUB takes offers to renew intraday low, extends pullback from three-week top.
- Break of short-term support line, failures to stay beyond 100-SMA keep bears hopeful.
- Weekly horizontal support, 200-SMA offer extra filters to watch.
USD/RUB remains on the back foot for the second consecutive day, extending the previous day’s pullback from a multi-day high.
In doing so, the Russia ruble (RUB) pair justifies Monday’s downside break of a one-wee-old rising support line, now resistance around 66.50, as well as sustained trading below the 100-SMA, at 64.00 by the press time.
Given the absence of oversold RSI, coupled with the aforementioned trading pattern, the USD/RUB weakness is likely to prevail.
That said, the 61.00 and the 60.00 round figures may offer immediate supports to the pair bears.
However, a one-week-long horizontal support zone near 58.00, followed by the monthly low near 55.90, can challenge the USD/RUB downturn afterward.
On the contrary, a clear upside break of the support-turned-resistance level of 66.50 will need validation from the recent swing high surrounding 68.30, as well as the 200-SMA level of 69.91, to convince the pair buyers.
Overall, USD/RUB bears retake the driver’s seat after the last week’s corrective pullback.
USD/RUB: Four-hour chart
Trend: Further downside expected
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.