💾 U.S. Dollar Bullish Against The Russian Ruble

We are looking at a monthly chart, this is an extremely bullish setup.

USDRUB about to go up strong.

What we see here after the May-June 2022 crash is a recovery phase.

This recovery phase is completed December 2022 when USDRUB closes above EMA100, EMA10, EMA50 and EMA21 in the same month.

At this point the bullish bias is confirmed.

January 2023 was a month of consolidation, the session closed above the moving averages.

In February 2023 the bullish trend starts following the recovery.

In March 2023 we get bullish confirmation/continuation and in April the bullish bias intensifies.

After 4 months of slow but steady growth, the accumulation phase is reaching its end and we should see a reverse of the move that happened between May and June 2022.

As it crashed fast and strong, it will rise with force.

This analysis is supported by additional signals.

The MACD has gone bullish as it trades monthly above 0.

A very strong bullish cross took place and the histogram is full green.
It is also trading above Fib. resistance (now support).

Plenty of room available for additional growth.

The RSI can only be consider super strong when trading above 50 monthly, a great reading... Here is the chart:
Invalidation point

For this analysis to become invalid we would need to see a close monthly at least below EMA100 or $63. Technically speaking, the bullish bias still remains valid even with such a drop.

Prices would need to close below 50 for the current structure to breakdown.

Everything is pointing up.

I am sharing this update because many people showed interest in my previous analysis "USDRUB_TOM" from Dec. 2022, shared in the "Related Ideas".

Thanks a lot for your time and support.

Namaste.