Currency pair US Dollar/Russian Ruble USD/RUB continues to move as part of the correction and the formation of the “Wedge” reversal pattern. At the time of the publication of the forecast, the exchange rate of the US Dollar to the Russian Ruble is 74.14. Moving averages indicate a short-term bearish trend. Prices are testing the area between the signal lines down again, which indicates pressure from the sellers of the US currency and a potential continuation of the fall of the US Dollar against the Russian Ruble. As part of the dollar exchange rate forecast for February 24, 2021, we should expect an attempt to develop a rise 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 72.05.
USD/RUB Forecast Russian Ruble February 24, 2021
An additional signal in favor of the fall of the USD/RUB currency pair on February 24, 2021 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 descending channel. Cancellation of the option to drop the USD/RUB pair on Forex will be a strong growth and a breakdown of the level of 76.35. Rubles per Dollar. This will indicate a breakdown of the resistance area and continued growth of the Dollar/Ruble pair to an area above the level of 78.75. Confirmation of the fall of the pair will be a breakdown of the support area and the closing of asset quotes below 73.25, which will indicate a breakdown of the lower boundary of the “Wedge” model.
USD/RUB Forecast Russian Ruble February 24, 2021 implies an attempt to test the resistance level near the 74.85 area. Where can we expect a rebound and the continuation of the fall in the dollar rate against the ruble with a target below the level of 72.05. 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 76.35. In this case, we should expect a continuation of the rise in the US dollar rate against the Russian currency to the level of 78.75.
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