Chart USD/BRL Update: Under pressure, 5.2700 low at risk
Under pressure, as corrective bounce from the 5.2700 low met with selling pressure at the 5.3650, Monday's high
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 5.5000 | ** | 2 Sep high, congestion | S1 | 5.2700 | * | 18 Sep YTD low | |
| R3 | 5.4500 | * | congestion | S2 | 5.2420 | * | 6 Jun 2024 low | |
| R2 | 5.4000 | ** | congestion | S3 | 5.2000 | * | congestion | |
| R1 | 5.3650 | * | 22 Sep high | S4 | 5.1000 | * | congestion |
Asterisk denotes strength of level
08:00 GMT - Under pressure, as corrective bounce from the 5.2700 low met with selling pressure at the 5.3650, Monday's high. Negative daily and weekly studies keeps pressure firmly on the downside and break of the 5.2700 low will see room to support at 5.2420 then the strong support at the 5.2000 congestion. Would expect reaction at the latter but bearish structure suggest corrective bounce to give way to fresh selling pressure later. Meanwhile, resistance is lowered to Monday's bounce high at 5.3650 and extending to the 5.4000 congestion, which are expected to cap and sustain losses from resistance at the 5.5000 lower highs.