• The asset has surrendered its entire gains and has settled around 80.00.
• A death cross of 50- and 200-period EMAs indicates more weakness.
• The major has eased around 50% from its all-time highs at 155.00

The USD/RUB pair has witnessed a bloodbath in the asset prices after nosediving from the March highs at 155.00 to near 80.00, which are its pre-war levels with Ukraine. The pair has surrendered its entire gains, recorded on March 8 at 155.00, and is trading in a range of 83.10-86.62 this week.

On a four-hour scale, USD/RUB is forming a base around its support levels to near 80.0, which is the psychological ground for the asset. The pair is forming the base in a range of 80.00-90.00 and is indicating an inventory adjustment in which the institutional investors purchase assets from the retail participants.

A death cross has been observed from the 50- and 200-period Exponential Moving Averages (EMAs), which signals more pain ahead.

However, the Relative Strength Index (RSI) (14) has taken support near 40.00, which indicates a short-lived pullback, not a sheer reversal.

Bulls are now eyeing the 50-EMA at 89.83 as overstepping the same will send the pair towards the 200-EMA at 96.00, followed by the psychological resistance at 100.00.

If the asset drop below the lower boundary of base formation at 80.00, a fresh bearish trigger will get activated and the asset will be exposed to more downside near the February 16 low and the round level support at 74.88 and 70.00 respectively.

USD/RUB four-hour chart