Chart USD/BRL Update: Fresh year low
Cautious trade is giving way to fresh losses
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 5.3000 | ** | congestion | S1 | 5.1500 | ** | congestion | |
| R3 | 5.2840 | * | 5 Feb (w) high | S2 | 5.1000 | ** | congestion | |
| R2 | 5.2500 | * | congestion | S3 | 5.0800 | ** | 76.4% ret of 2023-2024 rally | |
| R1 | 5.2000 | * | congestion | S4 | 5.0000 | ** | break level |
Asterisk denotes strength of level
16:40 GMT - Cautious trade is giving way to fresh losses, with prices currently posting fresh 2026 year lows around congestion support at 5.1500. Daily readings are under pressure and broader weekly charts are also negative, highlighting room for a break and extension of December 2024 losses towards further congestion around 5.1000. Just lower is the 5.0800 Fibonacci retracement. But flat oversold weekly stochastics should limit any initial tests of this range in short-covering/consolidation. Meanwhile, resistance is at congestion around 5.2000. A close above here, if seen, will help to stabilise price action and prompt consolidation beneath further congestion around 5.2500.