Currency pair US Dollar/Russian Ruble USD/RUB continues to move as part of the correction and the formation of the “Head and Shoulders” reversal pattern. At the time of publication of the forecast, the exchange rate of the US Dollar to the Russian Ruble is 54.66. Moving averages indicate the presence of a short-term bearish trend. Prices have broken through the area between the signal lines down, which indicates pressure from buyers of the US currency and a potential continuation of the growth of the US Dollar against the Russian Ruble. As part of the dollar exchange rate forecast for July 20, 2022, we should expect an attempt to develop a price correction and a test of the support level near the area of 53.35 rubles per US dollar. Then, a rebound upwards and the continuation of the rise of the currency pair to the area above the level of 74.05.
USD/RUB Forecast Russian Ruble July 20, 2022
An additional signal in favor of the growth of the USD/RUB currency pair on July 19, 2022 will be a test of the trend line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the reversal pattern inverted “Head and Shoulders”. Cancellation of the growth option for the USD/RUB pair on Forex will be a fall in quotes and a breakdown of the level of 46.45 rubles per dollar. This will indicate a breakdown of the support area and the continuation of the fall of the Dollar/Ruble pair to the area below the level of 40.75. The growth of the pair will be confirmed by a breakdown of the resistance area and the closing of asset quotes above the level of 64.55, which will indicate a breakdown of the “Neck” line of the “Head and Shoulders” reversal pattern and the beginning of the pattern with targets at the top.
USD/RUB Forecast Russian Ruble July 20, 2022 suggests an attempt to test the support level near the area of 53.35. Where should we expect a rebound and continued growth of the dollar against the ruble with a target above the level of 74.05. An additional signal in favor of the pair’s growth will be a test of the trend line on the relative strength index (RSI). Cancellation of the rise option will be a breakdown of the support area and closing of quotes below the level of 46.45. In this case, we should expect the US Dollar to continue falling against the Russian currency to the level of 40.75.
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