Currency pair US Dollar/Russian Ruble USD/RUB continues to move within the correction and left the limits of the downward channel. At the time of the publication of the forecast, the exchange rate of the US Dollar to the Russian Ruble is 60.92. Moving averages indicate the presence of a short-term bearish trend. Prices have broken through the area between the signal lines up, 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 USD exchange rate forecast for May 31, 2022, we should expect an attempt to develop a price reduction and a test of the support level near the area of 59.05 Rubles per US Dollar. Then, a rebound up and the continuation of the rise of the currency pair to the area above the level of 71.75.
USD/RUB Forecast Russian Ruble June 1, 2022
An additional signal in favor of the growth of the USD/RUB currency pair on June 1, 2022 will be a test of the broken trend line on the relative strength index (RSI). The second signal will be an outflow from the upper border of the descending channel, which was broken upwards by buyers. Cancellation of the option to raise the USD/RUB pair on Forex will be a fall in quotes and a breakdown of the level of 51.05 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 45.65. The rise of the pair will be confirmed by the breakdown of the resistance area and the closing of the asset quotes above the level of 65.65.
USD/RUB Forecast Russian Ruble June 1, 2022 suggests an attempt to test the support level near the area of 59.05. Where should we expect a rebound and continued growth of the dollar against the ruble with a target above the level of 71.75. An additional signal in favor of the pair’s rise 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 the level of 51.05. In this case, we should expect the continued fall of the US dollar against the Russian currency to the level of 45.65.
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