USD/RUB Price Forecast: Plunges near monthly lows at 95.88
|- USD/RUB has found bids near 95.88, which has triggered double bottom formation.
- Asset auctioning below 61.8% Fibo retracement adds to the downside filters.
- Oscillation of the RSI (14) in a 40.00-60.00 range signals consolidation ahead.
The USD/RUB pair has witnessed some significant bids near 95.88 on Thursday after falling around 38.10% from its monthly high at 155.00. The pair has been bounced sharply after the successful test of March 16 lows at 96.00.
On the daily scale, USD/RUB has formed a double bottom pattern at March 16 and March 21 lows of 96.00. Usually, a double bottom formation signifies less pessimism on the retest of the previous lows. The asset is auctioning below 61.8% Fibonacci retracement (placed from March 7 high at 155.00 to March 21 low at 96.00) at 105.23. The asset has sensed support from the 50-period Exponential Moving Average (EMA), which is trading near 95.88.
A bear cross is likely amid 10 and 20-period EMAs, which will add to the downside filters.
The Relative Strength Index (RSI) (14) is oscillating in a range of 40.00-60.00, which advocates consolidation going forward.
For the upside, bulls need to overstep Wednesday’s high at 107.00, which will drive the asset towards a round level barricade at 110.00, followed by 50% Fibo retracement at 115.00.
On the flip side, bears may find grip if the pair violates March 21 low at 96.00 on the downside, which will drag the major near monthly lows at 89.40. Breach of the latter will send the asset towards round level support at 85.00.
USD/RUB daily chart
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