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TECHS: USDRUB Path Of Least Resistance Remains Down

EMERGING MARKETS

USDRUB started its current bearish cycle on Apr 7. The move lower (high - low) has resulted in a 7.75% depreciation in the pair. Conditions remain bearish.

  • Price has this week cleared 72.5385, Mar 16 low. The break of this key support reinforces the current bear cycle.
  • Moving average studies are in a bear mode, looking at the 20- and 50-day EMAs. This clearly highlights the fact that for now, the path of least resistance remains down.
  • The break lower signals potential for weakness towards 71.0838, 76.4% retracement of the Jun - Oct 2020 rally.
  • Resistance is at 73.3565, the 20-day EMA
  • Support levels to watch:
    • 72.0000 Psychological round number (yesterday's low was 71.9900)
    • 71.0838 76.4% retracement of the Jun - Oct 2020 rally
    • 70.4821 Low Jul 13, 2020
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