Published: 2024-09-09T15:48:03.000Z
Chart USD/BRL Update: Choppy in range - daily studies mixed/negative
Senior Technical Strategist
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The break below 5.6000 has bounced from 5.5300
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 5.8800~ | ** | March 2021 (y) high | S1 | 5.6000 | * | congestion | |
| R3 | 5.8650 | ** | 5 Aug YTD high | S2 | 5.5300 | * | 6 Sep (w) low | |
| R2 | 5.8000 | figure | S3 | 5.5000 | * | break level | ||
| R1 | 5.7000 | break level | S4 | 5.4000 | congestion |
Asterisk denotes strength of level
16:40 BST - The break below 5.6000 has bounced from 5.5300, with prices currently balanced back at congestion around 5.6000. Overbought daily stochastics are unwinding and the positive daily Tension Indicator is flattening, highlighting room for a later break and fresh losses towards support at 5.5000. Any deeper losses, however, are expected to give way to consolidation above congestion around 5.4000, as oversold weekly stochastics stabilise. Meanwhile, resistance is at 5.7000 and should cap any immediate tests higher. A close above here, if seen, would turn price action positive and extend mid-August gains initially to 5.8000.