The USD/RUB currency pair continues to move within an upward trend and a bullish channel. At the time of the forecast publication, the exchange rate of the US Dollar to the Russian Ruble stands at 84.74. The moving averages indicate the presence of a short-term bullish trend. Prices have broken above the area between the signal lines, indicating pressure from buyers of the US currency and a potential continuation of the USD’s rise against the Russian Ruble. In the forecast for the USD exchange rate on June 22, 2023, we can expect an attempt to develop a price correction and a test of the support level near the 83.65 Ruble area per US Dollar. From there, we can anticipate an upward rebound and a continuation of the currency pair’s rise towards the area above the 90.35 level.
Russian Ruble Forecast for June 22, 2023
An additional signal in favor of the USD/RUB pair’s upward movement on June 22, 2023, will be a test of the trend line on the relative strength indicator. The second signal will be a rebound from the lower boundary of the bullish channel. The cancellation of the USD/RUB pair’s rise scenario in the Forex market will occur with a decline in quotes and a breakthrough below the 81.55 Ruble level per Dollar. This would indicate a breakthrough of the support area and a continuation of the USD/RUB pair’s decline towards the area below the 75.85 level. Confirmation of the pair’s rise will be a breakthrough of the resistance area and the closing of quotes above the 87.65 level, indicating a breakthrough of the upper boundary of the bullish channel, which signals an increase to the width of the channel.
Russian Ruble Forecast for June 22, 2023 suggests an attempt to test the support level near the 83.65 area, followed by an upward rebound and a continuation of the Dollar’s rise against the Ruble with a target below the 90.35 level. An additional signal in favor of the pair’s rise will be a test of the trend line on the relative strength indicator. The cancellation of the rise scenario will occur with a breakthrough of the support area and the closing of quotes below the 81.55 level. In such a case, we can expect a further increase in the USD exchange rate against the Russian currency towards the 75.85 level.
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