Published: 2024-10-04T16:00:09.000Z
Chart USD/BRL Update: Consolidating - gains to remain limited
Senior Technical Strategist
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Little change, as prices extend cautious trade above congestion support at 5.4000
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 5.7000 | break level | S1 | 5.4000 | congestion | |||
R3 | 5.6760 | * | 12 Sep (w) high | S2 | 5.3600 | ** | 61.8% ret of May-Aug rally | |
R2 | 5.6000 | * | congestion | S3 | 5.3000 | * | break level | |
R1 | 5.5000 | * | break level | S4 | 5.2400 | ** | 76.4% ret of May-Aug rally |
Asterisk denotes strength of level
16:55 BST - Little change, as prices extend cautious trade above congestion support at 5.4000. Daily readings have turned positive, suggesting an improvement in sentiment and potential for a test higher. A break above resistance at 5.5000 will open up congestion around 5.6000, but negative weekly charts are expected to prompt fresh selling interest towards here. Following cautious trade, lower levels are looked for. A close below 5.4000 will open up the 5.3600 Fibonacci retracement. A further close beneath here will turn sentiment negative and extend August losses towards 5.3000.