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.” FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next USD/CAD: Key support to monitor is 1.2707/00 – Credit Suisse FX Street 2 years 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… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
