In the Forex Weekly Forecasts segment, we provide critical news and information which helps to seize the opportunity in the financial market.
USD/RUB – US Dollar Russian Ruble
USD/RUB bounced back today after Russian Rouble slips as the central bank relaxed a few restrictions regarding foreign exchange transactions. The Russian central bank is expected to scrap the 12% Commission on buying foreign currency from today. According to commodities experts, Russia is the major exporter of crude oil, natural gas, and wheat to the Western powers. As a result of this, Russia makes $1.4 billion a day in exchange of its commodities and therefore Russian ruble remains immune from western sanctions in the long run.
Russian ruble staged a gradual recovery in the last few weeks after the slow and steady development in peace talks. Currently, it is testing the supply zone of 100-DMA at the 80.00 mark. Therefore, one must look for potential buying opportunities in USD/RUB if the price sustains above this level on the daily chart.
EUR/USD – Euro US Dollar
EUR/USD is trading higher with a 0.4% gain on the Monday in the European session as Emmanuel Macron won the first round of the French presidential elections. However, the upside remains limited due to the ongoing war and the dovish stance of the ECB. The European policymakers are trying to balance inflation without hurting economic growth. The momentum indicators are making higher highs and higher lows, indicating a bullish bias in the short term.
Investors are waiting for the European Central Bank meeting on Thursday which will decide the next discourse on the Euro. The euro is expected to test the next immediate resistance level at the 1.0930 mark. in the case of a successful breach, bulls will try to reclaim the next resistance, which is located at 1.09500.
GBP/USD – British Pound US Dollar
The British pound is trading in a tight range as high energy prices and economic aid for the corporate induced some selling pressure. The GBP/USD fell 0.60% in the last week despite the hawkish stance of the Bank of England. The overall trend for GBP/USD has returned to the downside due to the decline in business sentiment amid the Russia Ukraine war.
The 1.3000 mark continues to act as a major psychological support level and slippage below this level will trigger a bearish setup. Therefore, one must look for potential selling opportunities in GBP/USD if it breaks below the 1.3000 mark. On the flip side, a sustained close above this level will be a buy signal.