Currency pair US Dollar/Russian Ruble USD/RUB continues to move in the framework of growth and the rising channel. At the time of the publication of the forecast, the exchange rate of the US Dollar to the Russian Ruble is 70.52. 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 16, 2020, we should expect an attempt to develop a correction and a test of the support level near the area of 70.15 Rubles per US Dollar. Then, a rebound and continued growth of the currency pair in the area above the level of 73.05.
USD/RUB Forecast Russian Ruble July 16, 2020
An additional signal in favor of the growth of the USD/RUB currency pair on July 16, 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 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 69.35. Rubles per Dollar. This will indicate a breakdown of the support area and the continued fall of the Dollar/Ruble pair to the area below the level of 66.25. A confirmation of the growth of the pair will be a breakdown of the resistance area and closing above the level of 71.55.
USD/RUB Forecast Russian Ruble July 16, 2020 suggests an attempt to test the support level near the area of 70.25. Where can we expect a rebound and continued growth of the Dollar against the Ruble with a target above the level of 72.85. 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 quotes below 69.35. In this case, we should expect continued decline to the level of 66.25.
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