Currency pair US Dollar/Russian Ruble USD/RUB continues to move as part of the growth and the downward channel. At the time of the publication of the forecast, the exchange rate of the US Dollar to the Russian Ruble is 59.05. Moving averages indicate the presence of a short-term bearish trend. Prices have broken through the area between the signal lines up, which indicates pressure from buyers of the US currency and a potential continuation of the growth of the US Dollar against the Russian Ruble. As part of the USD exchange rate forecast for October 6, 2022, we should expect an attempt to develop a price correction and a test of the support level near the area of 57.95 rubles per USD. Then, a rebound upwards and continued growth of the currency pair to the area above the level of 63.75.
USD/RUB Forecast Russian Ruble October 7, 2022
An additional signal in favor of the rise of the USD/RUB currency pair on October 6, 2022 will be a test of the trend line on the relative strength index (RSI). The second signal will be a rebound from the upper border of the descending channel, which was broken by buyers at the top. Cancellation of the option to raise the USD/RUB pair on Forex will be a fall in quotes and a breakdown of the level of 54.65 rubles per dollar. This will indicate a breakdown of the support area and the continuation of the fall of the Dollar/Ruble pair to the area below the level of 50.05. The growth of the pair will be confirmed by the breakdown of the resistance area and the closing of the asset quotes above the level of 61.05.
USD/RUB Forecast Russian Ruble October 7, 2022 suggests an attempt to test the support level near the area of 57.95. Where should we expect a rebound and continued growth of the dollar against the ruble with a target above the level of 63.75. An additional signal in favor of the pair’s rise 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 54.65. In this case, we should expect a continued decline in the US dollar against the Russian currency to the level of 50.05.
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