Currency pair US Dollar/Russian Ruble USD/RUB continues to move within the framework of the correction and the upward channel, there is also a potential for the formation of the “Head and Shoulders” reversal pattern. At the time of the publication of the forecast, the exchange rate of the US Dollar to the Russian Ruble is 73.1. Moving averages indicate a short-term bullish trend. Prices are testing the area between the signal lines, which indicates pressure from buyers of the American currency and potential continued growth. As part of the dollar exchange rate forecast for September 2, 2020, we should expect an attempt to develop growth and test the resistance level near the area of 74.85 rubles per US Dollar. Then, the rebound and the continuation of the fall of the currency pair to the area below the level of 69.65.
USD/RUB Forecast Russian Ruble September 2, 2020
An additional signal in favor of reducing the USD/RUB currency pair on September 2, 2020 will be a test of the resistance line on the relative strength index (RSI). The second signal will be a breakdown of the lower border of the upward channel, as well as the formation of a reversal pattern. Cancellation of the option to drop the USD/RUB pair on Forex will be a strong growth and a breakdown of the level of 76.05. Rubles for the Dollar. This will indicate a breakdown of the resistance area and continued growth of the Dollar/Ruble pair to an area above the level of 78.15. Confirmation of the fall of the pair will be the breakdown of the support area and the closing of the asset quotes below the level of 72.45, which will indicate the completion of the formation of the reversal pattern.
USD/RUB Forecast Russian Ruble September 2, 2020 implies an attempt to test the resistance level near the 74.85 area. Where can we expect a rebound and the continued fall of the Dollar against the Ruble with a target below 69.65. An additional signal in favor of reducing the pair will be a test of the trend line on the relative strength index (RSI). Cancellation of the reduction option will be a breakdown of the resistance area and closing of quotations above the level of 76.05. In this case, we should expect continued growth to the level of 78.15.
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