Currency pair US Dollar/Russian Ruble USD/RUB continues to move as part of the correction and the bearish channel. At the time of the publication of the forecast, the exchange rate of the US Dollar to the Russian Ruble is 73.75. Moving averages indicate a short-term bearish trend. Prices pierced the area between the signal lines down, which indicates pressure from sellers of American currency. As part of the forecast for the Dollar on May 8, 2020, we should expect an attempt to develop a bullish correction and a test of the resistance level near the area of 75.05 Rubles per US Dollar. Then, a rebound and continued fall of the currency pair in the area below the level of 68.15.
USD/RUB Forecast Russian Ruble May 8, 2020
An additional signal in favor of the fall of the USD/RUB currency pair on May 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 downward channel. Cancellation of the growth option for the USD/RUB pair on FOREX will be a fall and a breakdown of the level of 77.75. 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 81.95. A confirmation of the fall of the pair will be a breakdown of the support area and closing below 72.05.
USD/RUB Forecast Russian Ruble May 8, 2020 suggests an attempt to test the resistance level near the area of 75.05. 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 77.75. In this case, we should expect the continuation of the rise to the level of 81.95.
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