Chart USD/BRL Update: Consolidating - studies under pressure
Little change, as prices extend cautious trade within the 5.3500 - 5.4000 range
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 5.5800 | * | 38.2% ret of Apr-Nov fall | S1 | 5.3500 | * | congestion | |
| R3 | 5.5000 | ** | break level | S2 | 5.2900 | * | 4 Dec (m) low | |
| R2 | 5.4500 | * | break level | S3 | 5.2700 | ** | Sep-Nov (y) lows | |
| R1 | 5.4000 | * | congestion | S4 | 5.2160 | * | June 2024 low |
Asterisk denotes strength of level
16:30 GMT - Little change, as prices extend cautious trade within the 5.3500 - 5.4000 range. Daily readings are mixed/negative and broader weekly charts are under pressure, highlighting room for fresh losses in the coming sessions. A break below congestion support at 5.3500 will add weight to sentiment and open up critical support at the 5.2700 year lows from September-November. A close beneath here would add extra weight to already bearish price action and confirm continuation of December 2024 losses. Meanwhile, resistance is at congestion around 5.4000 and extends to 5.4500. This broad range is expected to cap any immediate tests higher.