USD/RUB Forecast Today 25/9: Rallies Into Resistance (Video)
Date
9/25/2024 5:04:38 AM
(MENAFN- Daily Forex)
The Tuesday session has been positive for the US dollar, but we continue to see the same major resistance barrier in the US dollar against the Russian ruble pair in the form of the 94 level. The 94 level, of course, is an area that's been very important multiple times, and it's worth noting that we are certainly continuing to struggle to get above there. If we can get a daily close above the 94 ruble level, then I think we could see an attempt to move to the 100 ruble level.
Short-term traders continue to see this
market as a back and forth sideways type of situation and an area in the 94 region that acts as a concrete ceiling. As long as we stay below there, I think the US dollar struggles in general.
Top Forex Brokers1 Get Started 74% of retail CFD accounts lose money The USD Continues to Struggle Against Others
That being said, it is worth noting that the US dollar has struggled against multiple other currencies. So, the fact that it rose against the Russian ruble is probably more an indictment on the ruble itself. This is a pair that is thinly traded at times. So, you can only read so much into what the US dollar might do against other currencies based on this action. But it certainly looks like the Russian ruble is going to continue to see a lot of issues.
However, if we were to drop below the 200 day EMA at the 89 ruble level, then I think things would change quite drastically. The moving average convergence divergence indicator right now looks like it's throwing off a divergence signal, so we may get a little bit of a pullback. On the other hand, if we do rally and break above the 94 ruble level, then I think it's time to start getting long. And aiming for that, the previously mentioned 100 ruble level, recognizing that the 97.50 ruble level might be the initial target. I don't necessarily want to short this market, but there's a clear barrier that we need to get beyond before we start putting money on the long side.
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