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
Author
Anil Panchal
FXStreet
Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.
