Axel Rudolph, Senior Analyst at Commerzbank, suggests that USD/BRL’s rise from the October spike low has taken it all the way to the late November high at 3.9436 below which they expect it to range trade in the course of this week. Key Quotes “Immediate upside pressure should be maintained, though, while the mid-November high and the two month uptrend line at 3.8352/08 underpin.” “If this support area were to give way the mid-October high at 3.7880 would be next in line.” “Further, stronger support comes in between the June, July and August lows and also the 200 day moving average at 3.7187/3.6709.” “Were the recent high at 3.9436 to unexpectedly bettered, the June and July highs at 3.9527/3.9671 would be in focus, together with the 61.8% Fibonacci retracement at 3.9746. This area we would expect to cap, were it to be reached.” 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 Ripple’s XRP Technical Analysis: XRP/USD troubles still loom FX Street 4 years Axel Rudolph, Senior Analyst at Commerzbank, suggests that USD/BRL's rise from the October spike low has taken it all the way to the late November high at 3.9436 below which they expect it to range trade in the course of this week. Key Quotes "Immediate upside pressure should be maintained, though, while the mid-November high and the two month uptrend line at 3.8352/08 underpin." "If this support area were to give way the mid-October high at 3.7880 would be next in line." "Further, stronger support comes in between the June, July and August lows and also the 200 day moving… 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.
