USDRUB Long-term bearish continuation confirmed.

26 Jun

The USDRUB pair has confirmed the transition from a 2-year long-term bullish trend to a bearish one, after closing below the 1W MA50 (blue trend-line). The technical pattern that prevailed is a Channel Down, which last week almost touched the 1W MA100 (green trend-line), a level intact since February 06 2023, and instantly rebounded closing the 1W candle almost flat.

The last two times that the pair traded within a Channel Down pattern that hit the 1W MA100 was in 2021 and 2019 as shown on your chart. In both cases, the downtrend didn't stop on the 1W MA100 but extended to the 1W MA200 (orange trend-line), in 2019 it got hit, in 2021 almost.

As a result, we think this is the most optimal level to sell this pair again, and target 80.500 (just above the 1W MA200).

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