USD/RUB Price Analysis: Bears retake control with eyes sub-60.00 region

• USD/RUB takes offers to renew intraday low, extends pullback from three-week top.
• Break of short-term support line, failures to stay beyond 100-SMA keep bears hopeful.
• Weekly horizontal support, 200-SMA offer extra filters to watch.

USD/RUB remains on the back foot for the second consecutive day, extending the previous day’s pullback from a multi-day high.

In doing so, the Russia ruble (RUB) pair justifies Monday’s downside break of a one-wee-old rising support line, now resistance around 66.50, as well as sustained trading below the 100-SMA, at 64.00 by the press time.

Given the absence of oversold RSI, coupled with the aforementioned trading pattern, the USD/RUB weakness is likely to prevail.

That said, the 61.00 and the 60.00 round figures may offer immediate supports to the pair bears.

However, a one-week-long horizontal support zone near 58.00, followed by the monthly low near 55.90, can challenge the USD/RUB downturn afterward.

On the contrary, a clear upside break of the support-turned-resistance level of 66.50 will need validation from the recent swing high surrounding 68.30, as well as the 200-SMA level of 69.91, to convince the pair buyers.

Overall, USD/RUB bears retake the driver’s seat after the last week’s corrective pullback.

USD/RUB: Four-hour chart

Trend: Further downside expected