Currency pair US Dollar to Russian Ruble USD/RUB ends the trading week near the level of 74.89 Rubles per US Dollar. The pair continues to move as part of the correction and the formation of a large ”Triangle” pattern. Moving averages indicate a bullish trend. Prices are testing the area between the signal lines again, which indicates pressure from the US dollar buyers. In the current trading week May 3 — 7, 2021 we should expect an attempt to develop a decline and a test of the support area near the level of 73.75. Where can we expect a rebound and the beginning of the rise in the rate of the Dollar against the Russian Ruble above the level of 84.25.
USD/RUB Forecast and Weekly Analysis May 3 — 7, 2021
An additional signal in favor of the growth of the Dollar/Ruble pair will be a rebound from the lower border of the ”Triangle” model. The second signal will be a rebound from the support line on the relative strength index (RSI). Cancellation of the growth option for the Dollar/Ruble pair will be a fall and a breakdown of the 71.75 area. This will indicate a breakdown of the support level and a continued fall in the US Dollar against the Russian Ruble with a target below 67.65. 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 80.05, which will indicate a breakdown of the upper boundary of the ”Triangle” model and the beginning of the upward development of this pattern.
USD/RUB Forecast and Weekly Analysis May 3 — 7, 2021 implies an attempt to test the support area near the level of 73.75. Where can we expect an attempt to increase the price and the Dollar rate to the area above the level of 84.25. An additional signal in favor of this option will be a rebound from the support line on the relative strength index (RSI). Cancellation of the growth option for the Dollar in the current trading week will be a fall and a breakdown of the 71.75 area. This will indicate a continued decline in the pair with a target at 67.65.
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