Published: 2024-05-24T07:10:28.000Z
Chart USD/BRL Update: Higher in consolidation from the 5.0500 low
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Senior Technical Strategist
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Turning higher in choppy trade from the 5.0850 low
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 5.2500 | congestion | S1 | 5.0850 | 21 May low | |||
R3 | 5.2200 | * | Oct high | S2 | 5.0500 | ** | 3 May low, 50% | |
R2 | 5.2000 | * | congestion | S3 | 5.0000 | * | congestion | |
R1 | 5.1765 | * | 9 May high | S4 | 4.9950 | * | 61.8% Dec/Apr rally |
Asterisk denotes strength of level
07:10 GMT - Turning higher in choppy trade from the 5.0850 low and scope seen for bounce to extend gains from the 5.0500 low and 50% Fibonacci level. Nearby see resistance at 5.1765 then the 5.2000 level. Daily studied have turned positive and suggest scope for break here to open up the 5.2200 high of October to retest. Meanwhile, support at the 5.0850 and the 5.0500, 3rd May low, should now underpin. Only failure here will weaken and see deeper pullback to retrace the December/April rally.