Currency pair US Dollar/Russian Ruble USD/RUB continues to move as part of the correction and the upward channel. At the time of the publication of the forecast, the exchange rate of the US Dollar to the Russian Ruble is 73.35. Moving averages indicate a short-term bullish trend. Prices moved up from the area between the signal lines, which indicates pressure from buyers of the American currency and a potential continued growth. As part of the dollar exchange rate forecast for August 7, 2020, we should expect an attempt to develop a decline and test the support level near the area of 72.15 Rubles per US Dollar. Then, a rebound and continued growth of the currency pair to the area above the level of 75.35.
USD/RUB Forecast Russian Ruble August 7, 2020
An additional signal in favor of raising the USD/RUB currency pair on August 6, 2020 will be a test of the support line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the ascending channel. Cancellation of the growth option for the USD/RUB pair on Forex will be a fall and a breakdown of the level of 71.55. Rubles per Dollar. This will indicate a breakdown of the support area and the continuation of the fall of the Dollar/Ruble pair to an area below 69.65. Confirmation of the growth of the pair will be the breakdown of the resistance area and the closing of asset quotes above the level of 74.55.
USD/RUB Forecast Russian Ruble August 7, 2020 implies an attempt to test the support level near the area of 72.15. Where can we expect a rebound and continued growth in the dollar against the ruble with a target above the level of 75.35. An additional signal in favor of raising the pair will be a test of the trend line on the relative strength index (RSI). Cancellation of the growth option will be a breakdown of the support area and closing of quotations below the level of 71.55. In this case, we should expect a continuation of the fall to the level of 69.65.
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