Published: 2025-05-22T08:10:36.000Z
Chart USD/BRL Update: Extending consolidation below 5.7000
Technical Analyst
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Extending consolidation below resistance at 5.7000 congestion
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 5.9000 | ** | congestion | S1 | 5.6600 | ** | congestion | |
| R3 | 5.8000 | * | congestion | S2 | 5.5050 | * | 50% 2023/2024 rally | |
| R2 | 5.7625 | ** | 7 May high | S3 | 5.5000 | ** | congestion | |
| R1 | 5.7000 | * | congestion | S4 | 5.4000 | * | congestion, Sep low |
Asterisk denotes strength of level
08:00 GMT - Extending consolidation below resistance at 5.7000 congestion as daily studies turn mixed following bounce from the 5.6000 support. Stronger bounce from the latter cannot be ruled out but negative weekly charts are expected to limit gains above the 5.7000 resistance and ahead of strong resistance at 5.7625. Bearish structure from the 6.1000 high of April suggest potential for eventual break of the 5.6000 support to see deeper pullback to retrace the 2023/2024 rally. Lower will see continuation of December losses and see room to 5.5050, 50% Fibonacci level and 5.5000 congestion.