Currency pair US Dollar to Russian Ruble USD/RUB ends the trading week near the level of 74.30 Rubles per US Dollar. The pair continues to move within the framework of the growth and the ascending channel. Moving averages indicate a bullish trend. Prices moved up from the area between the signal lines, which indicates pressure from US Dollar buyers. In the current trading week August 31 — September 4, 2020, we should expect an attempt to develop growth and test the resistance area near the level of 76.25. Where can we expect a rebound and the beginning of a fall in the dollar rate against the Russian Ruble below the level of 67.05.
USD/RUB Forecast and Analysis August 31 — September 4, 2020
An additional signal in favor of reducing the Dollar/Ruble pair will be a rebound from the resistance area on the price chart. The second signal will be the formation of the “Head and Shoulders” reversal pattern. Cancellation of the option to drop the Dollar/Ruble pair will be a strong growth and a breakdown of the 78.05 area. This will indicate a breakdown of the resistance level and a continuation of the rise in the US Dollar rate against the Russian Ruble with a target above the level of 81.55. It is worth waiting for confirmation of a fall in the pair with the breakdown of the support area and closing of the USD/RUB quotes below 72.05.
USD/RUB Forecast and Analysis August 31 — September 4, 2020 implies an attempt to test the resistance area near the level of 76.25. Where can we expect an attempt to drop the price and the Dollar rate to an area below the level of 67.05. An additional signal in favor of this option will be a rebound from the resistance line on the relative strength index (RSI). Cancellation of the option to drop the dollar rate in the current trading week will be a strong growth and a breakdown of the 78.05 area. This will indicate a continued rise in the pair with a target at 81.55.
