Currency pair US Dollar/Russian Ruble USD/RUB continues to move as part of the correction and the formation of an inverted “Head and Shoulders” reversal pattern. At the time of the publication of the forecast, the exchange rate of the US Dollar to the Russian Ruble is 56.44. Moving averages indicate the presence of a short-term bullish trend. Prices are again testing the area between the signal lines, which indicates pressure from buyers of the US currency and a potential continuation of the growth of the US Dollar against the Russian Ruble. As part of the USD exchange rate forecast for August 3, 2022, we should expect an attempt to develop a price correction and a test of the support level near the area of 54.65 Rubles per US Dollar. Then, a rebound upwards and the continuation of the rise of the currency pair to the area above the level of 70.45.
USD/RUB Forecast Russian Ruble August 4, 2022
An additional signal in favor of the growth of the USD/RUB currency pair on August 3, 2022 will be a test of the trend line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the reversal pattern inverted “Head and Shoulders”. Cancellation of the growth option for the USD/RUB pair on Forex will be a fall in quotes and a breakdown of the level of 47.35 rubles per dollar. This will indicate a breakdown of the support area and the continuation of the fall of the Dollar/Ruble pair to the area below the level of 41.05. The growth of the pair will be confirmed by a breakdown of the resistance area and the closing of asset quotes above the level of 64.55, which will indicate a breakdown of the “Neck” line of the “Head and Shoulders” reversal pattern and the beginning of the pattern with targets at the top.
USD/RUB Forecast Russian Ruble August 4, 2022 suggests an attempt to test the support level near the area of 54.65. Where should we expect a rebound and continued growth of the dollar against the ruble with a target above the level of 70.45. An additional signal in favor of the pair’s growth will be a test of the trend line on the relative strength index (RSI). Cancellation of the rise option will be a breakdown of the support area and closing of quotes below the level of 47.35. In this case, we should expect the continued fall of the US dollar against the Russian currency to the level of 41.05.
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