Published: 2024-04-24T15:34:08.000Z
Chart USD/BRL Update: Room for still lower
Senior Technical Strategist
1
Anticipated gains have not been seen
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 5.3315/35 | ** | 76.4% ret of 2022-2023 fall; 24 Mar 2023 (m) high | S1 | 5.1000/85 | * | congestion; 38.2% ret of Dec-Apr rally | |
R3 | 5.2910 | * | 16 Apr YTD high | S2 | 5.0700 | * | 31 Oct (w) high | |
R2 | 5.2500 | * | congestion | S3 | 5.0520 | ** | 50% ret of Dec-Apr rally | |
R1 | 5.2000 | ** | congestion | S4 | 5.0000 | * | congestion |
Asterisk denotes strength of level
16:25 BST - Anticipated gains have not been seen, as prices reverse sharply lower towards congestion support at 5.1000 and the 5.1085 Fibonacci retracement. Immediate tests could give way to consolidation, whilst oversold intraday studies unwind, before bearish daily readings and deteriorating weekly charts prompt a break. A later close beneath here will add fresh weight to sentiment and extend losses towards the 5.0520 retracement. Meanwhile, resistance is lowered to congestion around 5.2000. A close above here, if seen, will turn sentiment neutral and give way to range trade beneath 5.2500.