Published: 2024-12-03T08:06:19.000Z
Chart USD/BRL Update: Consolidating below 6.1150, all-time high
Technical Analyst
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Edged lower from the 6.1150 all-time high as prices consolidate break of the 5.9900, May 2020 high
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 6.3000 | projection | S1 | 5.9900 | * | 2020 year high | ||
| R3 | 6.2300 | projection | S2 | 5.8750 | ** | 1 Nov high | ||
| R2 | 6.2000 | figure | S3 | 5.8000 | * | congestion | ||
| R1 | 6.1150 | ** | 29 Nov all-time high | S4 | 5.7000 | * | Jul high |
Asterisk denotes strength of level
08:00 GMT - Edged lower from the 6.1150 all-time high as prices consolidate break of the 5.9900, May 2020 high. Pullback see the latter now support and hold above this to keep pressure on the upside and further gains cannot be ruled out. Higher will see scope to the 6.2000 figure and 6.2300 projection target. Would take pullback below the 5.9900 support to see room deeper pullback to unwind overbought daily and weekly studies. Lower will see room to the strong support at the 5.8750/5.8650, 4 Nov and August highs. Below the latter see room for deeper correction of the bullish run-up from 5.4000 support.