USD/RUB Price Analysis: Ruble keeps bounce off weekly resistance below 130.00
- USD/RUB consolidates recent losses after refreshing the all-time high on Monday.
- Short-term key supports test sellers but bearish MACD signals hint at further weakness.
- 200-HMA adds to the downside filters, multiple hurdles to test the buyers.
USD/RUB bulls take a breather around 129.00, down 7.20% intraday during early Tuesday morning on Tuesday.
The Russian ruble pair rallied to the record top the previous day before taking a U-turn from 177.25
The pullback, however, failed to conquer the weekly support line, around 111.00 by the press time.
The resulting rebound crossed the 50-HMA and struggles with the 50% Fibonacci retracement of the pair’s upside from February 25.
That said, bearish MACD signals direct USD/RUB bears towards the 111.00 support retest should the quote drops below the 50-HMA level of 126.50.
Also acting as a downside filter is the 200-HMA level near 105.00 and the 100.00 threshold.
Meanwhile, 38.2% Fibonacci retracement level near 140.00 and the 150.00 round figure will challenge USD/RUB buyers before directing them to the latest high near 177.00.
Following that, the 200.00 psychological magnet will be in focus.
USD/RUB: Hourly chart
Trend: Further weakness 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.
