USDB/BRL to sink towards 4.95 on a break under 5.11/5.09 – SocGen

FXStreet Insights Team FXStreet

Dip below the 200- day moving average (DMA) at 5.38) has extended the USD/BRL down move. Economists at Société Générale expect the pair to suffer additional losses on a fall below 5.11/5.09.

200-DMA at 5.38 caps near-term upside

“The pair is now drifting towards potential support of last September trough at 5.11/5.09 which is also the 76.4% retracement from June 2021. If the correction persists below this, USD/BRL could attempt a revisit of the lower band of the range at 4.95 and 4.89.”

“The 200-DMA at 5.38 caps near-term upside.”

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FXStreet Insights Team

FXStreet

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