Currency pair US Dollar/Russian Ruble USD/RUB continues to move as part of the correction and the formation of the “Head and Shoulders” model. At the time of the publication of the forecast, the exchange rate of the US Dollar to the Russian Ruble is 74.38. Moving averages indicate a short-term bearish trend. Prices broke up 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 31, 2020, we should expect an attempt to develop a correction and test the resistance level near the area of 74.85 rubles per US dollar. Then, the rebound and the continuation of the fall of the currency pair to the area below the level of 71.15.
USD/RUB Forecast Russian Ruble December 31, 2020
An additional signal in favor of reducing the USD/RUB currency pair on December 31, 2020 will be a test of the resistance line on the relative strength index (RSI). The second signal will be a rebound from the upper border of the “Head and Shoulders” pattern. Cancellation of the option to drop the USD/RUB pair on Forex will be a strong growth and a breakdown of the level of 76.05. Rubles for the Dollar. This will indicate a breakdown of the resistance area and a continued rise in the Dollar/Ruble pair to an area above the level of 79.55. Confirmation of the fall of the pair will be the breakdown of the support area and the closing of asset quotes below the level of 73.05, which will indicate the completion of the formation of the reversal pattern.
USD/RUB Forecast Russian Ruble December 31, 2020 implies an attempt to test the resistance level near the 74.85 area. Where can we expect a rebound and the continued fall of the dollar against the ruble with a target below the level of 71.15. An additional signal in favor of reducing the pair will be a test of the trend line on the relative strength index (RSI). Cancellation of the fall option will be a breakdown of the resistance area and closing of quotations above the level of 76.05. In this case, we should expect a continuation of the rise to the level of 79.55.
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