Currency pair US Dollar to Russian Ruble USD/RUB ends the trading week near the level of 70.58 Rubles per US Dollar. The pair continues to move as part of the correction and the beginning of the ”Triangle” pattern. Moving averages indicate a downtrend. The prices broke through the area between the signal lines downward, which indicates pressure from the US Dollar sellers and the likely continuation of the pair’s fall from these levels. In the current trading week November 1 — 5, 2021 we should expect an attempt to develop a correction and test the resistance area near the level of 72.35. Where can we expect a rebound and a continuation of the fall in the dollar rate against the Russian Ruble below the level of 61.75.
USD/RUB Forecast and Weekly Analysis November 1 — 5, 2021
An additional signal in favor of the fall 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 resistance line on the relative strength index (RSI). Cancellation of the option to reduce the pair Dollar/Ruble will be a strong growth and a breakdown of the area of 76.45. This will indicate a breakdown of the resistance level and continued growth in the US Dollar against the Russian Ruble with a target above the level of 84.05. 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 68.25.
USD/RUB Forecast and Weekly Analysis November 1 — 5, 2021 implies an attempt to test the resistance area near the level of 72.35. Where can we expect an attempt to drop the price and the Dollar rate to an area below the level of 61.75. An additional signal in favor of reducing this option will be a rebound from the resistance line on the relative strength index (RSI). Cancellation of the option of falling the dollar rate in the current trading week will be a strong growth and a breakdown of the area of 76.45. This will indicate a continued rise in the pair with a target at 84.05.
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