In the Forex Weekly Forecasts segment, we provide insights analysis from the financial experts for the latest trends in the foreign exchange market. This helps you to predict the latest price movement, current trend observations, and market updates easily.
USD/RUB – US Dollar Russian Ruble
Russian Ruble is under significant selling pressure for the last few weeks over the rising uncertainty regarding the Russian economy. USD/RUB is trading up by over 8% on Wednesday after the strict sanctions against the Russian financial system have boosted the demand for the U.S. dollar.
Currently, USD/RUB is trading near the major resistance level at the 140.00 mark on the daily chart. The USD/RUB remains well supported above the 120.00 mark, therefore one must look for potential buying opportunities in this pair after a major pullback.
EUR/USD – Euro US Dollar
The Euro rebounded on Monday ahead of the emergency European Union summit that will propose some measures to counter the induced inflation in the eurozone. Investors are also optimistic about the latest European Central Bank monetary policy meeting, due on Thursday. However, the change in demography has impacted the overall economic prospects for the eurozone in the past few weeks due to the Russia-Ukraine crisis.
The EUR/USD pair is trading up by over 0.63% on Wednesday and is testing the major psychological resistance level at the 1.1000 mark. This is likely a minor pullback before extending the decline as the fundamental outlook for the Euro remains bearish in the short term.
GBP/USD – British Pound US Dollar.
The British pound took support at the 1.3100 mark on Wednesday and started the rebound after the improving risk sentiment in the market. The UK’s benchmark for stocks, FTSE Index gained over 2% in the early session. Currently, GBP/USD is trading near the 16-month low amid the continuous selling pressure.
From a technical perspective, the Relative Strength Index (RSI) indicator on the daily chart indicates a short-term price correction. The bearish bias remains intact in the market for GBP/USD. Therefore, one must look for potential selling opportunities in GBP/USD after a major pullback or any major headlines regarding the Russia-Ukraine crisis.