USD/RUB Technical Analysis: Short-term bearish reversal confirmed

The USD/RUB pair created a large spinning top on Monday and posted a negative follow-through yesterday, confirming a short-term bullish-to-bearish trend change. As a result, the 10-day moving average (MA) support of 65.92 could be put to test.
It appears the relief rally in Turkish lira is likely helping the Russian Rouble (RUB) score gains against the greenback.
However, the downside in USD/RUB could be limited as the relief rally in the TRY could be short-lived, given the TRY put value is holding near record highs.

Omkar Godbole FXStreet Contributor

Daily chart

Spot Rate: 66.52

Daily High: 66.75

Daily Low: 66.52

Trend: Bearish

Resistance

R1: 67.26 (5-day moving average)

R2: 67.45 (200-hour moving average)

R3: 68.00 (psychological hurdle)

Support

S1: 65.92 (10-day moving average)

S2: 65.53 (previous day's low)

S3: 64.99 (Apr. 11 high)

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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