Currency pair US Dollar to Russian Ruble USD/RUB completes the trading week near the level of 79.36 Rubles per US Dollar. The pair continues to move within the growth and bullish channel. Moving averages indicate a bullish trend. Prices have broken through the area between the signal lines up, which indicates pressure from buyers of the US dollar and a likely continuation of the pair’s growth already from these levels. In the current trading week May 1 — 5, 2023, we should expect an attempt to develop a correction and test the support area near the level of 77.45. Where should we expect a rebound upwards and continued growth of the Dollar against the Russian Ruble with a target above the level of 90.75.
USD/RUB Forecast Weekly Forecast May 1 — 5, 2023
An additional signal in favor of the rise of the Dollar/Ruble pair will be a rebound from the lower border of the bullish channel. The second signal will be a rebound from the support line on the relative strength index (RSI). Cancellation of the growth option for the Dollar/Ruble pair will be a fall and a breakdown of the 76.05 area. This will indicate a breakdown of the support level and a continued fall in the US Dollar against the Russian Ruble with a target below the level of 72.65. It is worth waiting for confirmation of the fall in the pair with the breakdown of the support area and the closing of the USD/RUB quotes below the level of 82.75, which will indicate the breakdown of the upper limit of the bullish channel, and this is a signal to increase the width of the channel.
USD/RUB Forecast Weekly Forecast May 1 — 5, 2023 suggests an attempt to test the support area near the level of 77.45. Where should we expect a rebound upwards and the continuation of the growth of the dollar to the area above the level of 90.75. An additional signal in favor of this option will be a rebound from the bullish trend line on the relative strength index (RSI). Cancellation of the growth option for the dollar in the current trading week will be a fall and a breakdown of the 76.05 area. Which will indicate the continued decline of the pair with the target at the level of 72.65.
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