Currency pair US Dollar/Russian Ruble USD/RUB continues to move as part of the formation of the «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 70.87. Moving averages indicate a short-term bullish trend. Prices are testing the area between the signal lines, which indicates pressure from buyers of the American currency and the potential continuation of growth. As part of the forecast for the Dollar on July 10, 2020, we should expect an attempt to develop a bullish correction and test the resistance level near the area of 71.35 Rubles per US Dollar. Then, the rebound and continued fall of the currency pair in the area below the level of 68.15.
USD/RUB Forecast Russian Ruble July 10, 2020
An additional signal in favor of the fall of the USD/RUB currency pair on July 10, 2020 will be a test of the resistance line on the relative strength index (RSI). The second signal will be the completion of the «Head and Shoulders» reversal pattern. Cancellation of the option of falling USD/RUB pair on Forex will be a strong growth and the breakdown level of 72.95. Rubles per dollar. This will indicate a breakdown of the resistance area and the continuation of the rise of the Dollar/Ruble pair to the area above the level of 76.05. A confirmation of the fall of the pair will be a breakdown of the support area and closing below 69.45, which will indicate a breakdown of the lower boundary of the ascending channel.
USD/RUB Forecast Russian Ruble July 10, 2020 suggests an attempt to test the resistance level near the 71.35 area. Where can we expect a rebound and the continuation of the fall of the Dollar against the Ruble with a target below the level of 68.15. 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 72.95. In this case, we should expect the continuation of the rise to the level of 76.05.
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