Ella 
After entering the European market on Tuesday, USD/RUB remained depressed for the second consecutive day, around the 93.00 mark. In the meantime, USD/RUB maintained the momentum of the previous day’s reversal from the 21-day moving average and maintained last week’s retracement from the three-month support line.
Bearish MACD signals and USD weakness ahead of the August Conference Board (CB) Consumer Confidence Index (116.2 expected, 117.00 prior) added strength to the USD/RUB downtrend.
However, RSI conditions suggest limited downside for USD/RUB, which in turn points to the confluence of the 50-day moving average and the 38.2% Fibonacci retracement of the May-August uptrend at 91.80 support as a target.
Even if USD/RUB breaks below 91.80, the July low around 88.90 and the 50% Fibonacci level around 88.65 will be bearish targets before they can take hold.
At the same time, the resistance of the 21-day moving average and the reversal of the support level became short-term resistance around 95.30 and 96.70 in turn.
After that, the 100.00 psychological level will be the last line of defense for the bears before a test of the latest high around 102.35.
