USD/RUB CURRENCY PAIR TRY TO TEST STRONG SUPPORT LEVEL
The currency pair USD/RUB looks that preparing for a lower low on a daily chart. The technical picture shows that the pair is now testing one of its key support levels around 72.60, which are the lowest points from December 2020 and March 2021. At the same time, the rate is in a strong downtrend on a one hour chart from April this year, and it looks that it will remain bearish for now. But the price is at a turning point. In combination with expected economic data for inflation this week in the USA, it will be interesting how the Russian Ruble will react against the US Dollar. If the price breakthrough below the mentioned support level and test it, this will confirm the lower low, and it will make it possible to open the door for more sellers. In this scenario, the experts say that the bears on the market may test the next strong support level very far on the south at levels around 68.00. But if the pair reserves north and the price rebound from that levels, it is possible to change the direction of the current downtrend and potentially rise again to previous highs at levels of 76.00 and 77.00 from January and April 2021. Also, our oscillator indicators look slightly lower, MACD is below the triggered line, and RSI is below level 30 in the oversold zone.
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