Currency pair US Dollar to Russian Ruble USD/RUB completes the trading week near the level of 59.35 Rubles per US Dollar. The pair continues to move as part of the correction and the formation of the “Triangle” pattern. Moving averages indicate a bearish trend. Prices are again testing the area between the signal lines, 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 October 24 — 28, 2022, we should expect an attempt to develop a decline and test the support area near the level of 57.85. Where should we expect a rebound upwards and continued growth of the Dollar against the Russian Ruble with a target above the level of 80.05.
USD/RUB Weekly Forecast October 24 — 28, 2022
An additional signal in favor of the rise of the Dollar/Ruble pair will be a rebound from the lower border of the “Triangle” pattern. The second signal will be a rebound from the support line on the relative strength index (RSI). the support level and the continuation of the fall of the US Dollar against the Russian Ruble with the target below the level of 41.45.Expect confirmation of the rise in the pair is with the breakdown of the resistance area and the closing of the USD/RUB quotes above the level of 67.55, which will indicate the breakdown of the upper border of the “Triangle” model and the start of working out pattern with goals at the top.
USD/RUB Weekly Forecast October 24 — 28, 2022 suggests an attempt to test the support area near the level of 57.85. 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 80.05. 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 47.55 area. Which will indicate the continuation of the fall of the pair with the target at the level of 41.45.
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