The USD/RUB currency pair continues to move within the correction and the bullish channel. At the time of the publication of the forecast, the exchange rate of the US Dollar to the Russian Ruble is 98.16. Moving averages indicate the presence of a short-term bullish trend. Prices have broken through the area between the signal lines up, which indicates pressure from sellers of the US currency and a potential continuation of the fall of the US Dollar against the Russian Ruble. As part of the USD exchange rate forecast for August 16, 2023, we should expect an attempt to develop a price correction and a test of the support level near the area of 94.35 rubles per US Dollar. Then, a rebound up and continued growth of the currency pair to the area above the level of 106.65.
Russian Ruble Forecast for August 16, 2023
An additional signal in favor of the rise of the USD/RUB currency pair on August 16, 2023 will be a test of the trend line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the bullish channel. Cancellation of the growth option for the USD/RUB pair on Forex will be a fall in quotes and a breakdown of the level of 91.25 rubles per dollar. This will indicate a breakdown of the support area and the continuation of the fall of the Dollar/Ruble pair to the area below the level of 77.05. The growth of the pair will be confirmed by the breakdown of the resistance area and the closing of the asset quotes above the level of 101.55.
Russian Ruble Forecast for August 16, 2023 suggests an attempt to test the support level near the area of 94.35. Where should we expect a rebound and continued growth of the dollar against the ruble with a target below the level of 106.65. An additional signal in favor of the pair’s rise will be a test of the trend line on the relative strength index (RSI). Cancellation of the growth option will be a breakdown of the support area and closing of quotes below the level of 91.25. In this case, we should expect the US dollar to continue to rise against the Russian currency to the level of 77.05.
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