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 63.94. Moving averages indicate the presence of a short-term downtrend, prices continue to push off from signal lines, which indicates pressure from the bears. As part of the USD/RUB forecast for tomorrow, October 31, 2019, we should expect an attempt to lower and test the support level near the area of 63.35 Rubles per US Dollar. Then, a rebound and continued growth of the currency pair in the area above the level of 65.75.
USD/RUB Forecast Russian Ruble October 31, 2019
In favor of the growth of the USD/RUB pair on October 31, 2019, a test of the rising support line on the relative strength index (RSI) will be made. The second signal will be the completion of the formation of the reversal model. Cancellation of the growth option for the USD/RUB pair on Forex will be a fall and a breakdown of the level of 62.95 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 64.55, which will indicate the completion of the formation of the Double Bottom reversal pattern.
USD/RUB Forecast Russian Ruble October 31, 2019 suggests an attempt to test the support level near the area of 63.35. Where can we expect a rebound and continued growth of the Dollar against the Ruble with a target above the level of 65.75. 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 62.95. In this case, we should expect continued fall below the level of 61.25.
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