USD/RUB Price Analysis: Rouble eyes bullish target near 117.00 despite no progress on ceasefire


  • USD/RUB holds the lower grounds as Lavrov-Kuleba begins peace talks.
  • Ukraine seems less optimistic after calling for a compromise on Wednesday.
  • Bullish 50-SMA on the 4H chart is the line last of defense for USD/RUB

USD/RUB is pressurizing the downside amid a fresh selling wave that has gripped the market, as the much-awaited peace talks between Russia’s Foreign Minister Sergey Lavrov and his Ukraine counterpart Dmytro Kuleba kick-off.

Arriving at the meeting, Kuleba said he had low expectations that a compromise would be reached, as suggested by the country’s leader Volodymyr Zelenskyy a day before.

After the conclusion of the meeting, Kuleba said that there is ‘no progress on ceasefire.”

Despite fading hopes for diplomacy and resolution, the Russian rouble is seeing fresh demand after USD/RUB faced rejection at 140.00.

From a short-term technical perspective, the downside remains compelling, as the Relative Strength Index (RSI) on the four-hour chart has pierced through the midline to trade within the bearish territory.

The immediate support is now seen at the ascending 50-Simple Moving Average (SMA) at 116.80, below which a sharp sell-off towards 110.00 will be in the offing.

Meanwhile, USD/RUB sellers will likely remain in control so long as the price holds below the horizontal 21-SMA at 131.59.

The next significant upside hurdle is seen at the 140.00 round figure.

USD/RUB: Four-hour chart

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news Join Telegram

Recommended content


Recommended content

Editors’ Picks

AUD/USD: There could be more to come from the bulls on a break of 0.6900

AUD/USD: There could be more to come from the bulls on a break of 0.6900

AUD/USD bears are in control, for now, and target a break of 0.6900. The bulls could be lurking not far below. The pair continues to play the ranges but the bias stays with the upside longer-term. 

AUD/USD News

EUR/USD bulls step in and the price stablises as US dollar bid stalls

EUR/USD bulls step in and the price stablises as US dollar bid stalls

EUR/USD is trading around 1.0520 in early Asia following a choppy Tuesday on the back of a firmer US dollar, China relaxing its rigid COVID protocols coupled with disappointing US consumer sentiment data and central bank rhetoric. 

EUR/USD News

Gold aims to recapture weekly lows ahead of Fed Powell and US PCE

Gold aims to recapture weekly lows ahead of Fed Powell and US PCE

Gold price is auctioning around a two-day low at $1,818.64 and is expected to slip further to near the weekly low at $1,816.98. The precious metal has failed to capitalize on the event of banning the imports of gold from Russia, which generates the second-highest revenue for Moscow after oil and gas. 

Gold News

Summertime bull-run a multi-year bear market?

Summertime bull-run a multi-year bear market?

The cryptocurrency market is in a historical pivotal moment. One good trade could replenish all losses, while one bad trade could be catastrophic.

Read more

FXStreet Premium users exceed expectations

FXStreet Premium users exceed expectations

Tap into our 20 years Forex trading experience and get ahead of the markets. Maximize our actionable content, be part of our community, and chat with our experts. Join FXStreet Premium today!

BECOME PREMIUM

Forex MAJORS

Cryptocurrencies

Signatures