Chart USD/BRL Update: Under pressure following choppy trade
Minor tests higher have given way to choppy trade, before turning lower once again to pressure congestion support at 5.1500
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 5.3500 | * | congestion | S1 | 5.1500 | ** | congestion | |
| R3 | 5.3000 | ** | congestion | S2 | 5.1170 | ** | 25 Feb YTD low | |
| R2 | 5.2500 | * | congestion | S3 | 5.1000 | ** | congestion | |
| R1 | 5.2000 | * | congestion | S4 | 5.0800 | ** | 76.4% ret of 2023-2024 rally |
Asterisk denotes strength of level
17:15 BST - Minor tests higher have given way to choppy trade, before turning lower once again to pressure congestion support at 5.1500. Daily readings are under pressure and broader weekly charts are also coming under pressure, highlighting room for a break beneath here towards critical support at the 5.1170 current year low of 25 February. A close beneath here will turn sentiment negative and extend December 2024 losses initially to 5.1000, ahead of the 5.0800 Fibonacci retracement. Meanwhile, resistance remains at congestion around 5.2000 and extends to 5.2500. This range should cap any immediate tests higher.