• The critical support of 54.35 has turned into a potential resistance for the greenback bulls.
• Short-term EMAs are declining which favors the downside further.
• A (20.00-40.00) bearish range shift by the RSI (14) adds to the downside filters.

The USD/RUB pair is displaying back and forth moves in a narrow range of 53.07-54.13 in the Asian session. The asset has remained in the grip of bears for a prolonged period and has extended its losses after violating the 29 October 2021 low at 69.22.

On the weekly scale, the Russian ruble bulls have dragged the asset firmly below the critical support of the 30 March 2018 low at 54.35. That critical support has turned into a potential resistance for the greenback bulls.

The 10- and 20-period Exponential Moving Averages (EMAs) at 63.16 and 70.00 respectively are declining, which adds to the downside filters.

Meanwhile, the Relative Strength Index (RSI) (14) has shifted into a bearish range of 20.00-40.00 comfortably, which signals a continuation of a downside move. It is worth noting that the asset has not displayed any sign of exhaustion yet.

A pullback near the critical support-turned-potential resistance at 54.35 will activate the Russian ruble bulls for a bargain sell. This will drag the asset towards the 6 May 2015 low at 52.36, followed by the 10 April 2015 low at 50.28.

On the flip side, the greenback bulls could regain strength for an upside move towards the psychological resistance at 60.00 and the 10-EMA at 63.16 after violating May 27 low at 55.91.

USD/RUB weekly chart