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 63.56. Moving averages indicate a short-term downtrend. As part of the USD/RUB forecast for tomorrow, October 29, 2019, we should expect an attempt to reduce and test the support level near the area of 63.45 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 29, 2019
In favor of the growth of the USD/RUB pair on October 29, 2019, a test of the rising support line on the relative strength index (RSI) will be made. 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 62.75 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 61.25. Confirmation of the pair’s rise will be a breakdown of the resistance area and closing above 65.35, which will indicate the beginning of the development of the reversal model.
USD/RUB Forecast Russian Ruble October 29, 2019 suggests an attempt to test the support level near the area of 63.45. 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 62.75. In this case, we should expect continued fall below the level of 61.25.
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