Currency pair US Dollar/Russian Ruble USD/RUB continues to move as part of the correction and the upward channel. At the time of the publication of the forecast, the exchange rate of the US Dollar to the Russian Ruble is 79.18. Moving averages indicate a short-term bullish trend. Prices are again testing the area between the signal lines, which indicates pressure from buyers of the US currency and a potential continued growth of the US Dollar against the Russian Ruble. As part of the dollar exchange rate forecast for November 5, 2020, we should expect an attempt to develop a correction and test the support level near the area of 77.85 rubles per US Dollar. Then, a rebound and continued growth of the currency pair to the area above the level of 82.35.
USD/RUB Forecast Russian Ruble November 5, 2020
An additional signal in favor of raising the USD/RUB currency pair on November 5, 2020 will be a test of the support line on the relative strength index (RSI). The second signal will be a rebound from the upper border of the descending channel. Cancellation of the option to raise the USD/RUB pair on Forex will be a fall and a breakdown of the level of 76.45. Rubles for the Dollar. This will indicate a breakdown of the support area and the continuation of the fall of Dollar/Ruble pair to an area below the level of 73.35. Confirmation of the growth of the pair will be the breakdown of the resistance area and the closing of asset quotes above the level of 81.55.
USD/RUB Forecast Russian Ruble November 5, 2020 implies an attempt to test the support level near the 77.85 area. Where can we expect a rebound and continued growth in the dollar against the ruble with a target below 82.35. An additional signal in favor of raising the pair 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 quotations below the level of 76.45. In this case, we should expect a continuation of the fall to the level of 73.35.
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