USD/RUB Price Analysis: Finds bids near 200 EMA after an extended sell-off below $100.00
- USD/RUB extended its downside below 61.8% Fibo retracement to 96.00.
- Bulls are firmer above 200 EMA but need to overstep 20 EMA for further upside.
- A breach of the RSI (14) above 60.00 will add to the upside filters.
The USD/RUB pair has rebounded sharply after hitting a low of 96.00 on March 16. Earlier, the major witnessed an intensified sell-off from March 7 high at 155.00. On Tuesday, the greenback bulls are facing pressure from the 21-period Exponential Moving Average (EMA), which is trading at 107.68.
On a four-hour scale, USD/RUB has attracted some significant bids after encountering the 200-period EMA, which is currently trading at 100.35. The pair extended its weakness below 61.8% Fibonacci retracement earlier but has been reversed now and is currently facing resistance at 21-period EMA.
The Relative Strength Index (RSI) (14) is oscillating in a range of 40.00-60.00, which signals a consolidation phase, while the pair may enter into a rally once the RSI (14) will breach 60.00 decisively.
For an upside, bulls need to violate Tuesday’s high at 108.50, which will send the pair to March 11 low and March 14’s average traded price at 113.12 and 123.25 respectively.
Should the major drop below March 16 low at 96.00, it will drag further to February 28 low at 93.02. Breach of the latter will expose it to March 1 low at 89.40.
USD/RUB four-hour chart
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Author
Sagar Dua
FXStreet
Sagar Dua is associated with the financial markets from his college days. Along with pursuing post-graduation in Commerce in 2014, he started his markets training with chart analysis.
