Currency pair US Dollar/Russian Ruble USD/RUB continues to move within the growth and bullish channel. At the time of publication of the forecast, the exchange rate of the US dollar to the Russian ruble is 77.19. Moving averages indicate the presence of a short-term bullish trend. Prices broke the area between the signal lines upwards, which indicates pressure from buyers of the American currency and a potential continuation of the growth of the US Dollar against the Russian Ruble. As part of the forecast of the dollar exchange rate for May 16, 2023, a demand for the development of price correction and a test of the support level near the area of 75.15 rubles per US dollar should be expected. Then, a rebound upwards and continuation of the growth of the currency pair in the area above the level of 87.25.
Russian Ruble Forecast for May 16, 2023
An additional signal in favor of the rise of the currency pair USD/RUB on May 16, 2023 will be a test of the trend line on the relative strength indicator. The second signal will be a rebound from the lower border of the bullish channel. The cancellation of the option of growth of the USD/RUB pair on Forex will be a drop in quotes and a breakdown of the level of 71.25 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 65.25. 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 79.25, which will indicate a breakdown of the upper border of the downward correction channel.
Russian Ruble Forecast for May 16, 2023 suggests a demand for a test of the support level near the 75.15 area. Where should we expect a rebound and continued growth of the dollar against the ruble with the goal of the 87.25 level. An additional signal in favor of the growth of the pair will be a test of the trend line on the relative strength indicator. The cancellation of the rising option will be a breakdown of the support area and the closing of quotations below the level of 71.25. In this case, we should expect a continuation of the decline in the rate of the US dollar against the Russian currency to the level of 65.25.
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