USD/BRL falls back towards the 4.8180 June low – Commerzbank
|USD/BRL continues its descent towards the 4.8180 June low and is set to remain under pressure while trading below the 5.1976/5.2238 September and November lows, Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, reports.
Key quotes
“USD/BRL topped out at its October high at 5.8082 and continues to slither towards the June low at 4.8180. Below 4.8180 a 2019-2020 support line can be spotted at 4.6015.”
“Immediate downside pressure should be maintained while the currency pair remains below the 5.1976/5.2238 September and November lows as well as the December 9 high on a daily chart closing basis.”
“Further resistance can be found along the 200-day moving average at 5.3692. Above the next higher 55-day moving average and November 13 high at 5.4631/5.5264 sit the August and early October highs at 5.6636/5.6924. Above the next higher 5.8082 October high lies the May peak at 5.9710.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.