We last looked into the USDRUB pair 4 months ago (October 06 2023, see chart below) when we got the most optimal sell entry and easily hit our 95.000 target:
This time we transition to the 1W time-frame where the long-term trend is more evident, and it remains bullish within a Channel Up pattern that is holding since The June 27 2022 market bottom. The 1D MA100 (green trend-line) has been the Resistance since the week of October 30 2023 but on the other hand the price has respected/ held the 1W MA50 (blue trend-line), which is the long-term Support, for 3 straight weeks, closing all 1W candles above it.
At the same time the 1W RSI broke and remains above its MA line, so we are giving the bullish trend a slight edge at the moment. If the pair closes a 1W candle above the 1D MA100, it will be the bullish confirmation signal we need to buy and target 103.500, which will be a +19.50% rise from the recent bottom and will test the 1.0 Fibonacci level.
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