Currency pair US Dollar/Russian Ruble USD/RUB continues to move as part of the bullish 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 71.41. Moving averages indicate the presence of a short-term lateral trend. Prices pierced the area between the signal lines up, which indicates pressure from buyers of the American currency. As part of the forecast for the Dollar on July 8, 2020, we should expect an attempt to develop a bullish correction and test the resistance level near the area of 71.95 Rubles per US Dollar. Then, the rebound and continued fall of the currency pair in the area below the level of 67.95.
USD/RUB Forecast Russian Ruble July 8, 2020
An additional signal in favor of the fall of the USD/RUB currency pair on July 8, 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 boundary of the «Wedge» model. Cancellation of the option of falling USD/RUB pair on FOREX will be a strong growth and the breakdown level of 74.05. Rubles per dollar. This will indicate a breakdown of the resistance area and the continuation of the rise of the Dollar/Ruble pair to an area above the level of 76.55. A confirmation of the fall of the pair will be a breakdown of the support area and closing under the level of 69.15, which will indicate a breakdown of the lower boundary of the «Wedge» model.
USD/RUB Forecast Russian Ruble July 8, 2020 implies an attempt to test the resistance level near the area of 71.95. 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 67.95. 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 74.05. In this case, we should expect the continuation of the rise to the level of 76.55.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
