Published: 2025-04-03T15:39:08.000Z
Chart USD/BRL Update: Extending December losses
Senior Technical Strategist
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Cautious trade has given way to a sharp break lower
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 6.0000 | ** | break level | S1 | 5.6125 | ** | 76.4% ret of Sep-Dec rally | |
| R3 | 5.9000 | ** | congestion | S2 | 5.6000 | ** | congestion | |
| R2 | 5.8000 | ** | congestion | S3 | 5.5500 | * | congestion | |
| R1 | 5.7200 | * | break level | S4 | 5.5050 | ** | 50% ret of 2023-2024 rally |
Asterisk denotes strength of level
16:30 BST - Cautious trade has given way to a sharp break lower, with prices currently pressuring strong support at congestion around 5.6000 and the 5.6125 Fibonacci retracement. Daily readings are under pressure and broader weekly charts are also bearish, highlighting room for still further losses in the coming sessions. A close below this range will add weight to already bearish sentiment and extend December losses towards congestion around 5.5500. Meanwhile, a close above resistance at 5.7200, if seen, would help to stabilise price action and prompt consolidation beneath congestion around 5.8000.