Currency pair US Dollar/Russian Ruble USD/RUB continues to move as part of a downward correction and a bullish channel. At the time of the publication of the forecast, the exchange rate of the US Dollar to the Russian Ruble is 76.10. Moving averages indicate the presence of a short-term bullish trend. Prices are again testing the area between the signal lines, 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 dollar exchange rate forecast for May 11, 2023, we should expect an attempt to develop a price correction and a test of the support level near the area of 75.65 rubles per US dollar. Then, a bounce up and continued growth of the currency pair to the area above the level of 84.85.
Russian Ruble Forecast for May 11, 2023
An additional signal in favor of the rise of the USD/RUB currency pair on May 11, 2023 will be a test of the bullish 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 71.65 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 67.35. 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 81.45.
Russian Ruble Forecast for May 11, 2023 suggests an attempt to test the support level near the area of 75.65. Where should we expect a rebound and continued growth of the dollar against the ruble with a target above the level of 84.85. An additional signal in favor of the pair’s growth will be a test of the trend line on the relative strength index (RSI). Cancellation of the rise option will be a breakdown of the support area and closing of quotes below the level of 71.65. In this case, we should expect a continued decline in the US dollar against the Russian currency to the level of 67.35.
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