Currency pair US Dollar/Russian Ruble USD/RUB continues to move as part of the growth and the beginning of the development of the bullish “Wolfe Wave” pattern. At the time of the publication of the forecast, the exchange rate of the US Dollar to the Russian Ruble is 75.98. Moving averages indicate a short-term bearish trend. Prices are again testing the area between the signal lines, which indicates pressure from buyers of the US currency and a potential continued growth of the US Dollar against the Russian Ruble. As part of the dollar exchange rate forecast for December 2, 2020, we should expect an attempt to develop a correction and test the support level near the area of 75.15 rubles per US Dollar. Then, the rebound and the continuation of the rise of the currency pair to the area above the level of 79.35.
USD/RUB Forecast Russian Ruble December 2, 2020
An additional signal in favor of raising the USD/RUB currency pair on December 2, 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 boundary of the “Wolfe Wave” pattern. Cancellation of the growth option for the USD/RUB pair on Forex will be a fall and a breakdown of the level of 74.05. 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 the level of 71.35. Confirmation of the growth of the pair will be the breakdown of the resistance area and the closing of asset quotes below 77.05.
USD/RUB Forecast Russian Ruble December 2, 2020 implies an attempt to test the support level near the 75.15 area. Where can we expect a rebound and continued growth in the dollar against the ruble with a target above the level of 79.35. 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 74.05. In this case, we should expect a continuation of the fall to the level of 71.35.
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