Chart USD/BRL Update: Fresh year lows
Consolidation around 5.0000 has given way to anticipated losses
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 5.1170 | ** | 25 Feb (m) low | S1 | 4.9000 | ** | congestion | |
| R3 | 5.1000 | ** | congestion | S2 | 4.8500 | ** | congestion | |
| R2 | 5.0000 | ** | congestion | S3 | 4.8130 | ** | December 2023 low | |
| R1 | 4.9500 | ** | congestion | S4 | 4.8000 | ** | congestion |
Asterisk denotes strength of level
17:00 BST - Consolidation around 5.0000 has given way to anticipated losses, with steady selling interest currently pressuring congestion support at 4.9000. Daily readings are mixed/negative and broader weekly charts are under pressure, highlighting room for further losses in the coming sessions. A break beneath here will extend December 2024 losses towards further congestion around 4.8500. However, flat oversold weekly stochastics could limit any initial tests in consolidation, before downside levels continue. Meanwhile, resistance is lowered to congestion around 4.9500. However, a close above 5.0000 would help to stabilise price action and prompt consolidation around here.