Currency pair US Dollar/Russian Ruble USD/RUB continues to move as part of the correction and the formation of the «Double Bottom» reversal pattern. At the time of the publication of the forecast, the exchange rate of the US Dollar to the Russian Ruble is 64.14. Moving averages indicate a short-term downtrend. As part of the USD/RUB forecast for tomorrow, October 18, 2019, we should expect an attempt to reduce and test the support level near the area of 63.60 Rubles per US Dollar. Then, a rebound and continued growth of the currency pair in the region above the level of 66.05.
USD/RUB Forecast Russian Ruble October 18, 2019
On October 18, 2019, a test of the support line on the relative strength index (RSI) will be in favor of the growth of the USD/RUB pair. The second signal will be a rebound from the lower boundary of the reversal pattern. Cancellation of the growth option for the USD/RUB pair on Forex will be a fall and a breakdown of the level of 63.05 Rubles per Dollar. This will indicate a breakdown of the support area and the continued decline of the Dollar/Ruble pair to the area below the level of 61.55. Confirmation of the pair’s rise will be a breakdown of the upper border of the downward channel and closing above the level of 64.65, which will indicate the exit of quotations outside the downward channel.
USD/RUB Forecast Russian Ruble October 18, 2019 suggests an attempt to test the support level near the area of 63.60. Where can we expect a rebound and continued growth of the Dollar against the Ruble with a target above the level of 66.05. 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 growth option will be a breakdown of the support area and closing of quotes below the level of 63.05. In this case, we should expect continued decline below the level of 61.55.