Currency pair US Dollar/Russian Ruble USD/RUB continues to move as part of the growth and the ascending channel. Here the “Triangle” model is formed. At the time of the publication of the forecast, the exchange rate of the US Dollar to the Russian Ruble is 76.72. Moving averages indicate a short-term bullish trend. However, 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 October 22, 2020, we should expect an attempt to develop a correction and a test of the support level near the area of 76.65 rubles per US dollar. Then, a rebound and continued growth of the currency pair to the area above the level of 80.05.
USD/RUB Forecast Russian Ruble October 22, 2020
An additional signal in favor of raising the USD/RUB currency pair on October 22, 2020 will be a test of the support line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the “Triangle” pattern. Cancellation of the growth option for the USD/RUB pair on Forex will be a fall and a breakdown of the level of 75.55. Rubles per Dollar. This will indicate a breakdown of the support area and the continuation of the fall of the Dollar/Ruble pair to an area below the level of 72.65. 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 79.15, which will indicate a breakdown of the upper border of the “Triangle” model.
USD/RUB Forecast Russian Ruble October 22, 2020 implies an attempt to test the support level near the 76.65 area. Where can we expect a rebound and continued growth in the dollar against the ruble with a target above the level of 80.05. 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 quotations below the level of 75.55. In this case, we should expect a continuation of the fall to the level of 72.65.
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