USD/RUB Dollar exchange rate forecast for October 17, 2023
The USD/RUB currency pair continues to move within the correction and formation of the "Triangle" model. The moving average indicates the presence of a short-term bullish trend. Prices broke through the area between the signal lines up, which indicates a potential continuation of the USD/RUB growth. As part of the exchange rate forecast for 17.10.2023, we should expect an attempt to develop a price correction and a test of the support level near the 96.55 area. Then, a rebound upward and continued growth of the currency pair to the area above the 112.05 level.
An additional signal in favor of the rise of the USD/RUB currency pair on October 17, 2023 will be a trend line test on the relative strength indicator. The second signal will be a rebound from the lower boundary of the "Triangle" model. The cancellation of the USD/RUB pair growth option on Forex will be a drop in quotations and a breakdown of the 92.45 level. This will indicate a breakdown of the support area and the continuation of the fall of the USD/RUB pair to the area below the 87.55 level. Confirmation of the pair's growth will be a breakdown of the resistance area and the closing of asset quotes above the 105.05 level, which will indicate a breakdown of the upper boundary of the "Triangle" model and the beginning of working out the model with goals at the top.
Thus, the USD/RUB exchange rate forecast assumes an attempt to test the support level near the 96.55 area. From where we should expect a rebound and continued growth of the rate with a goal below the 112.05 level. An additional signal in favor of the pair's rise will be a trend line test on the relative strength indicator. The cancellation of the growth option will be the breakdown of the support area and the closing of quotations below the level of 92.45. In this case, we should expect the continuation of the rise of USD / RUB to the level of 87.55.
