Analysts at Commerzbank suggest that the USD/BRL’s outlook has neutralised following the demise of the 55 day moving average and the seven month resistance line. Key Quotes “The market has yet to CLOSE above the downtrend at 3.7826.” “For now we will allow for a challenge of the 200 day ma at 3.8344, but in order to restore upside pressure we will need to see a close above here also. Support is offered by the 3.6373 January low. This guards the October low at 3.5859 and the November 2016 high at 3.5789.” “While capped by the 200 day moving average at 3.8344 we maintain a bearish outlook. Resistance above the 200 day moving average comes in at the 3.8313/74 mid- to late December lows and key resistance at the 3.9436/54 November and December highs. Between these two areas lies minor resistance at the January high at 3.8973.” 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 Citibank: No-deal Brexit scenario could lead to a significant depreciation of GBP FX Street 4 years Analysts at Commerzbank suggest that the USD/BRL's outlook has neutralised following the demise of the 55 day moving average and the seven month resistance line. Key Quotes "The market has yet to CLOSE above the downtrend at 3.7826." "For now we will allow for a challenge of the 200 day ma at 3.8344, but in order to restore upside pressure we will need to see a close above here also. Support is offered by the 3.6373 January low. This guards the October low at 3.5859 and the November 2016 high at 3.5789." "While capped by the 200 day moving average… 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.
