USD/RUB Price Analysis: Ruble retreats from 20-DMA but bulls stay hopeful

USD/RUB fades bounce off fortnight low, snaps four-day downtrend.
MACD flashes record bearish signal on D1, 124.20-25 appears tough nut to crack for buyers.
One-month-old ascending trend line adds to the downside filters.

Anil Panchal FXStreet

USD/RUB bulls struggle to keep reins around 109.50, despite printing the first daily gains in five during Wednesday’s Asian session.

The Russian ruble (RUB) pair dropped to the lowest levels since March 04 the previous day before taking a U-turn from the 20-DMA.

The rebound, however, fails to gain support from the MACD as it prints the biggest bearish signal in the last few weeks.

Also challenging the USD/RUB buyers is a convergence of the 10-DMA and a one-week-old resistance line, around 124.20-25.

If at all the pair rises past 124.25, it can quickly rise to 140.00 before challenging the record top, also the monthly peak, surrounding 155.00.

On the contrary, a daily closing below 20-DMA level of 106.10 will direct the USD/RUB prices towards an ascending support line from mid-February, near 96.00 at the latest. It's worth noting that the 100.00 threshold will act as an intermediate halt during the fall.

In a case where USD/RUB breaks the aforementioned support line, the odds of witnessing a fresh monthly low, currently around 89.40, can’t be ruled out.

USD/RUB: Daily chart

Trend: Bearish

Additional important levels

Overview
Today last price	109.5
Today Daily Change	3.0000
Today Daily Change %	2.82%
Today daily open	106.5

Trends
Daily SMA20	104.3903
Daily SMA50	87.6328
Daily SMA100	80.4623
Daily SMA200	76.7125

Levels
Previous Daily High	122.0001
Previous Daily Low	104
Previous Weekly High	155.0001
Previous Weekly Low	106.5
Previous Monthly High	114
Previous Monthly Low	74.254
Daily Fibonacci 38.2%	110.876
Daily Fibonacci 61.8%	115.1241
Daily Pivot Point S1	99.6666
Daily Pivot Point S2	92.8333
Daily Pivot Point S3	81.6665
Daily Pivot Point R1	117.6667
Daily Pivot Point R2	128.8335
Daily Pivot Point R3	135.6668

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.

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