Published: 2024-04-15T15:36:46.000Z
Chart USD/BRL Update: Fresh year highs - focus on strong resistance at 5.2000 - 5.2100
Senior Technical Strategist
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The anticipated test of congestion support at 5.0000 has given way to a sharp bounce
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 5.3000 | ** | congestion | S1 | 5.1000 | * | congestion | |
R3 | 5.2500 | * | congestion | S2 | 5.0700 | * | 31 Oct (w) high | |
R2 | 5.2100 | ** | 61.8% ret of 2022-2023 fall | S3 | 5.0000 | ** | congestion | |
R1 | 5.2000 | ** | congestion | S4 | 4.9500 | * | congestion |
Asterisk denotes strength of level
16:25 BST - The anticipated test of congestion support at 5.0000 has given way to a sharp bounce, with prices posting fresh 2024 year highs just beneath congestion resistance at 5.2000. Daily readings have ticked higher, highlighting room for a test of further resistance at the 5.2100 Fibonacci retracement. However, already overbought daily stochastics could prompt fresh consolidation, before improving weekly charts extend late-December gains towards 5.2500. Meanwhile, support is raised to congestion around 5.1000 and extends to the 5.0700 weekly high of 31 October. This area should underpin any immediate setbacks.