Currency pair US Dollar/Russian Ruble USD/RUB continues to move as part of the fall and the beginning of the development of the bearish ”Wolfe Wave” pattern. At the time of the publication of the forecast, the exchange rate of the US Dollar to the Russian Ruble is 72.50. Moving averages indicate a short-term bearish trend. Prices have broken down the area between the signal lines, which indicates pressure from the sellers of the US currency and a potential continuation of the fall of the US Dollar against the Russian Ruble. As part of the dollar exchange rate forecast for November 17, 2021, we should expect an attempt to develop a price correction and test the resistance level near the area of 72.85 rubles per US dollar. Then, a rebound downward and the continuation of the fall of the currency pair to the area below the level of 70.05.
USD/RUB Forecast Russian Ruble November 17, 2021
An additional signal in favor of the fall of the USD/RUB currency pair on November 17, 2021 will be a test of the bearish trend line on the relative strength index (RSI). The second signal will be a rebound from the upper border of the descending ”Wolfe Wave” pattern. Cancellation of the option to drop the USD/RUB pair on Forex will be a strong growth and a breakdown of the level of 74.05. Rubles for the Dollar. This will indicate a breakdown of the resistance area and a continued rise in the Dollar/Ruble pair to an area above the level of 75.65. Confirmation of the fall in the pair will be the breakdown of the support area and the closing of asset quotes below the level of 71.65.
USD/RUB Forecast Russian Ruble November 17, 2021 imply an attempt to test the resistance level near the area of 72.85. Where can we expect a rebound and the continuation of the fall in the dollar rate against the ruble with a target below the level of 70.05. 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 in the US dollar rate against the Russian currency to the level of 75.65.
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