Currency pair US Dollar to Russian Ruble USD/RUB completes the trading week near the level of 75.01 Rubles per US Dollar. The pair continues to move within a strong downward correction and a 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 8 — 12, 2023, we should expect an attempt to develop a correction and test the support area near the level of 70.05. Where should we expect a rebound upwards and continued growth of the Dollar against the Russian Ruble with a target above the level of 90.45.
USD/RUB Forecast Weekly Forecast May 8 — 12, 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 67.35 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 62.55. It is worth waiting for confirmation of the fall in the pair with the breakdown of the support area and the closing of USD/RUB quotes below the level of 82.75.
USD/RUB Forecast Weekly Forecast May 8 — 12, 2023 suggests an attempt to test the support area near the level of 70.05. Where should we expect a rebound upwards and the continuation of the growth of the dollar to the area above the level of 90.45. 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 area of 67.35. Which will indicate a continued decline in the pair with a target at the level of 62.55.
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