Currency pair US Dollar to Russian Ruble USD/RUB closed the trading week at the level of 57.08 rubles per US dollar. The pair continues to bargain within the forex model inverted Head and shoulders. The purpose of working out such a model may be an area above the level of 63 rubles per US dollar. At the moment, you should expect an attempt to text the area 56.80 rubles per dollar, where the completion of the formation of the right shoulder of the model is expected.
USD/RUB weekly forecast on May 15 — 19, 2017
In favor of growth from the level of 56.80 Rubles for the US dollar will perform a tight test of the broken trend line on the indicator of relative strength. The cancellation of the growth option for the US Dollar against the Russian Ruble will be the fall and breakdown of the local minimum area that will cancel the reversal Forex model. Expect to accelerate the growth of the pair USD/RUB is only with the breakdown of the level of the line of the neck and the closing of quotations above the level of 58.50 rubles per US dollar.
Among the important news from Russia at the next trading week, which may have an impact on the USD/RUB rate, it is worth highlighting:
May 17, 2017, Wednesday, GDP data, the past value was at the level of 0.3%, however, a decrease in the negative area may again put short-term pressure on the Russian ruble exchange rate on Forex.
May 18, 2017, Thursday, International reserves of the Central Bank, the previous value was at 398.8B.
USD/RUB weekly forecast on May 15 — 19, 2017 suggests an attempt to fall below 56.80, where it is expected to complete the formation of the right shoulder of the reversal Forex Head and Shoulders model and the growth of quotations with the potential purpose of developing the model above the level of 63 rubles for US dollar, cancellation of the breakdown of the local minimum area.
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