In view of Axel Rudolph, Senior Analyst at Commerzbank, USD/BRL’s rise from the October spike low at 3.5859 is about to reach the 55 day moving average at 3.8520. Key Quotes “The next higher June and July highs at 3.8789/3.9671 may still be reached over the coming weeks, provided that no unexpected drop below the October low at 3.5859 is seen. En route are the July 12 high and the 50% retracement at 3.9004/15.” “Only if an unexpected drop below the recent low at 3.5859 were to be seen, would we have to turn bearish and target the 55 week moving average at 3.5852 and also the 61.8% Fibonacci retracement of the 2018 advance at 3.5399.” “Support above the recent low at 3.5859 comes in between the June, July and August lows and also the 200 day moving average at 3.7027/3.6709.” 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 bounces off lows, still in red below 1.3230 level FX Street 4 years In view of Axel Rudolph, Senior Analyst at Commerzbank, USD/BRL's rise from the October spike low at 3.5859 is about to reach the 55 day moving average at 3.8520. Key Quotes "The next higher June and July highs at 3.8789/3.9671 may still be reached over the coming weeks, provided that no unexpected drop below the October low at 3.5859 is seen. En route are the July 12 high and the 50% retracement at 3.9004/15." "Only if an unexpected drop below the recent low at 3.5859 were to be seen, would we have to turn bearish and target the 55 week… 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.
