- USD/RUB has eased a massive 38% from its recent high at 155.00.
- The greenback bulls have attracted some bids near 61.8% Fibo retracement at 105.10.
- The RSI (14) has shifted in a 40.00-60.00 range, which signals consolidation going forward.
The USD/RUB pair has attracted some significant bids at 96.00 on Wednesday after witnessing a bloodbath. The major has eased around 38% from March 7 high at 155.00.
On the daily scale, USD/RUB has sensed some buying interest near 61.8% Fibonacci retracement, which is placed from February 10 low at 74.25 to March 7 high at 155.00, around 105.10. The major has formed a ‘Bullish Harami’ candlestick pattern, which signals a bullish reversal after a steep fall but demands a few validations.
USD/RUB is auctioning below 10 and 20-period Exponential Moving Averages (EMAs), which are trading around 111.30 and 107.30 respectively.
The Relative Strength Index (RSI) (14) has shifted its trading range from 60.00-80.00 to 40.00-60.00, which indicates either a consolidation or a downside move going forward.
For an upside, bulls need to validate the ‘Bullish Harami’ candlestick pattern by violating Thursday’s high at 105.80 decisively. This will send the major towards 10-period EMA at 111.30, followed by 50% Fibo retracement at 114.70.
On the flip side, more weakness will be observed if the major slip below Wednesday’s low at 96.00. This will drag the pair towards February 25 high at 90.00, followed by January 26 high at 80.00.
USD/RUB daily chart
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