Currency pair US Dollar to Russian Ruble USD/RUB ends the trading week near the level of 72.94 Rubles per US Dollar. The pair continues to move as part of the correction and the formation of the “Triangle” pattern, which market participants cannot break through to one side. 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 October 4 — 8, 2021 we should expect an attempt to develop a correction and a test of the resistance area near the level of 74.65. Where can we expect a rebound and the continuation of the fall in the dollar rate against the Russian Ruble below the level of 63.55.
USD/RUB Forecast and Weekly Analysis October 4 — 8, 2021
An additional signal in favor of the fall of the Dollar/Ruble pair will be a rebound from the upper 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 79.55. 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 83.65. 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 69.05, which will indicate a breakdown of the lower boundary of the ”Triangle” model and the beginning of the pattern development.
USD/RUB Forecast and Weekly Analysis October 4 — 8, 2021 implies an attempt to test the resistance area near the level of 74.65. Where can we expect an attempt to drop the price and the Dollar rate to an area below the level of 63.55. 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 to drop the dollar rate in the current trading week will be a strong growth and a breakdown of the 79.55 area. This will indicate a continued rise in the pair with a target at 83.65.
