Currency pair Dollar Ruble USD/RUB completes the trading week near the level of 95.65 Rubles per US Dollar. The pair continues to move as part of the price rise and the 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 August 7 — 11, 2023, we should expect an attempt to develop a correction and test the support area near the level of 93.45. Where should we expect a rebound upwards and continued growth of the Dollar against the Russian Ruble with a target above the level of 110.65.
USD/RUB Weekly Forecast August 7 — 11, 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 85.55 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 75.65. It is worth waiting for confirmation of the growth in the pair with the breakdown of the resistance area and the closing of the USD/RUB quotes above the level of 102.55, 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 Weekly Forecast August 7 — 11, 2023 suggests an attempt to test the support area near the level of 93.45. Where should we expect a rebound upwards and the continuation of the growth of the dollar to the area above the level of 110.65. 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 85.55. Which will indicate the continued decline of the pair with the target at the level of 75.65.
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