• Despite the geopolitical anxiety, it seems that the risk-off instinct is still strong.

• Investors have been keeping their guard up with rumors of Russia's military action.

In the early Asian session, USD/RUB was consolidating in a narrow range between 81.48 and 81.63 due to the declaration of emergency in Ukraine. Tensions between Russia and Ukraine have escalated due to a rumour suggesting that Russia might launch military action at 4 AM local time. (Please note that this is an opinion, not fact-checked at time of writing).

After the Russian administration refused to answer phone calls from Ukraine, the expectations that Russia would soon invade Ukraine grew. Russia's ignorance had disappeared, and there was no more mystery about Russia-Ukraine tensions. The odds of war between the two countries were now higher.

According to NBC News, US Secretary of State Antony John Blinken stated that he believes Russia will invade Ukraine within the next 24 hours. Safe-haven assets have been set ablaze and global markets have seen a sell-off. The Russian ruble, one of the most risk-sensitive assets, has lost its ground again.

USD/RUB Technical Analysis

USD/RUB witnessed an hourly uptrend after breaking Tuesday's high of 80.97. The bullish momentum continues as the 50-period Exponential Moving average (EMA) and 200-period Exponential Moving average (EMA), are increasing.