Currency pair US Dollar/Russian Ruble USD/RUB continues to move within the correction and left the limits of the bullish channel. At the time of the publication of the forecast, the exchange rate of the US Dollar to the Russian Ruble is 58.26. Moving averages indicate the presence of a short-term bearish trend. Prices have broken through the area between the signal lines down, which indicates pressure from sellers of the US currency and a potential continuation of the decline of the US Dollar against the Russian Ruble. As part of the dollar exchange rate forecast for November 18, 2022, we should expect an attempt to develop a bullish price correction and a test of the resistance level near the area of 58.75 rubles per US dollar. Then, a rebound down and the continuation of the fall of the currency pair to the area below the level of 54.05.
Russian Ruble Forecast November 18, 2022
An additional signal in favor of the fall of the USD/RUB currency pair on November 18, 2022 will be a test of the downtrend line on the relative strength index (RSI). The second signal will be a rebound from the upper border of the bearish channel. Cancellation of the option of falling the USD/RUB pair on Forex will be a strong growth in quotes and a breakdown of the level of 60.65 rubles per dollar. This will indicate a breakdown of the resistance area and continued growth of the Dollar/Ruble pair to the area above the level of 63.45. The fall of the pair will be confirmed by a breakdown of the support area and the closing of asset quotes below the level of 57.05.
Russian Ruble Forecast November 18, 2022 suggests an attempt to test the resistance level near the area of 58.75. Where should we expect a rebound and a continuation of the fall of the dollar against the ruble with a target below the level of 54.05. An additional signal in favor of the pair’s decline will be a test of the trend line on the relative strength index (RSI). Cancellation of the fall option will be a breakdown of the resistance area and closing of quotes above the level of 60.65. In this case, we should expect the US dollar to continue to rise against the Russian currency to the level of 63.45.
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