Currency pair US Dollar to Russian Ruble USD/RUB completes the trading week near the level of 57.61 Rubles per US Dollar. The pair continues to move as part of the correction and the formation of an inverted “Head and Shoulders” reversal pattern. Moving averages indicate a bearish trend. Prices have broken down the area between the signal lines, which indicates pressure from sellers of the US dollar and a likely continuation of the fall of the pair already from these levels. In the current trading week August 8 — 12, 2022, we should expect an attempt to develop a decline and test the support area near the level of 55.25. Where should we expect a rebound upwards and continued growth of the Dollar against the Russian Ruble with a target above the level of 79.55.
USD/RUB Weekly Forecast August 8 — 12, 2022
An additional signal in favor of the rise of the Dollar/Ruble pair will be a rebound from the lower border of the “Head and Shoulders” reversal pattern. 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 46.55 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 35.05. It is worth waiting for confirmation of the rise in the pair with the breakdown of the resistance area and the closing of USD/RUB quotes above the level of 65.55, which will indicate the breakdown of the upper border of the “Head and Shoulders” reversal pattern and the beginning of the pattern with targets at the top.
USD/RUB Weekly Forecast August 8 — 12, 2022 suggests an attempt to test the support area near the level of 55.25. Where should we expect a rebound upwards and the continuation of the growth of the fall of the dollar to the area above the level of 79.55. An additional signal in favor of this option will be a rebound from the trend line on the relative strength index. Cancellation of the option of raising the dollar rate in the current trading week will be a fall and a breakdown of the 46.55 area. Which will indicate the continuation of the fall of the pair with the target at the level of 35.05.
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