- Bears are hopeful of a weak pullback towards 89.00.
- A bear cross of 20- and 50-EMAs is likely to place at around 93.20.
- The RSI (14) has shifted into a bearish range of 20.00-40.00, which adds to the downside filters.
The USD/RUB pair is confined in Friday’s range of 81.00-89.00 from the last three trading sessions. The pair has turned balance after surrendering its entire gains, recorded on March 8 at 155.00 from pre-Ukraine-crisis levels.
On the daily scale, USD/RUB has witnessed a sluggish pullback to near 89.00 after nosediving below previous ground on March 24 low at 95.88. The 20- and 50-period Exponential Moving Averages (EMAs) are on the verge of giving a bearish crossover at around 93.20, which will establish a bearish setup for the asset.
Meanwhile, the Relative Strength Index (RSI) (14) has slipped below 40.00 for the first time in the last five months. This has triggered a bearish bias and the greenback bulls may lose control. The RSI (14) is not displaying any sign of divergence and oversold scenario, which possesses the potential to call for a pullback.
Should the asset drop below Friday’s low at 81.00, bears will get activated and the asset will be exposed to more downside near the February 16 low and the round level support at 74.88 and 70.00 respectively.
On the contrary, if the asset overstep Friday’s high at 89.00, bulls may regain control and will drive the asset towards the 50-EMA at 93.25, followed by the psychological resistance of $100.00.
USD/RUB daily chart
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