The US Dollar has been appreciating gradually against the Russian Ruble since late February. The currency pair bounced off the lower boundary of a junior channel on February 28 and has since remained stable and slowly moving north.
Technical indicators suggest that bulls should take a greater hand in the market once again and thus sending the US Dollar higher. In the meantime, the exchange has tested the weekly R1 and made a retracement south.
Everything being equal, the aforementioned scenario should occur if the combined support of the 55– hour simple moving average and the monthly pivot point near 56.89 holds.
