USD/RUB Price Analysis: Bulls attack weekly resistance near 136.00 with eyes on record top
- USD/RUB consolidates the previous day’s losses, seesaw around intraday high of late.
- Successful trading above the key moving averages keeps buyers hopeful.
- Four-day-old horizontal area adds to the upside filter, 122.50 acts as nearby support ahead of 50-SMA.
USD/RUB bulls retake controls following the previous day’s downbeat performance, up 0.30% near 134.60 during Friday’s Asian session.
In doing so, the Russia ruble (RUB) pair battles with the on-week-long descending resistance line.
Given the quote’s recent positive performance, mainly due to the Russia-Ukraine crisis, coupled with the sustained trading above 200-SMA and 50-SMA, USD/RUB buyers are likely to overcome the immediate 135.90 hurdle.
However, a horizontal area around 147.75-80, including tops marked during Monday and Wednesday, acts as a tough nut to crack before allowing the bulls to challenge the all-time high of 164.65.
Alternatively, an ascending support line from March 02, near 122.50 restricts the USD/RUB pair’s immediate downside ahead of the 50-SMA level of 121.75.
In a case where USD/RUB prices drop below 121.75, the pullback may not hesitate to test the 200-SMA level surrounding 89.00.
That said, the 10.00 threshold may offer an intermediate halt during the fall between 50-SMA and 200-SMA.
USD/RUB: Four-hour chart
Trend: Further upside 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.
