Currency pair US Dollar/Russian Ruble USD/RUB continues to move as part of the growth and the formation of the “Triangle” model. At the time of the publication of the forecast, the exchange rate of the US Dollar to the Russian Ruble is 81.07. Moving averages indicate the presence of a short-term bearish trend. Prices have broken through the area between the signal lines up, which indicates pressure from buyers of the US currency and a potential continuation of the growth of the US Dollar against the Russian Ruble. As part of the USD exchange rate forecast for June 1, 2023, we should expect an attempt to develop a price correction and a test of the support level near the area of 76.45 Rubles per US Dollar. Then, a rebound up and continued growth of the currency pair to the area above the level of 92.05.
Russian Ruble Forecast for June 1, 2023
An additional signal in favor of the rise of the USD/RUB currency pair on June 1, 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 Triangle pattern. 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 74.05 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 70.05. The growth of the pair will be confirmed by a breakdown of the resistance area and closing of the asset quotes above the level of 83.55, which will indicate a breakdown of the upper border of the model and the beginning of the pattern with targets at the top.
Russian Ruble Forecast for June 1, 2023 suggests an attempt to test the support level near the area of 78.65. Where should we expect a rebound and continued growth of the dollar against the ruble with a target below the level of 67.45. 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 83.45. In this case, we should expect the continuation of the rise in the US dollar against the Russian currency to the level of 88.65.
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