Published: 2024-04-29T15:50:20.000Z
Chart USD/BRL Update: Prices remain under pressure
Senior Technical Strategist
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Little change, as prices extend pressure on congestion support at 5.1000 and the 5.1085 Fibonacci retracement
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 5.3315/35 | ** | 76.4% ret of 2022-2023 fall; 24 Mar 2023 (m) high | S1 | 5.1000/85 | * | congestion; 38.2% ret of Dec-Apr rally | |
R3 | 5.2910 | * | 16 Apr YTD high | S2 | 5.0700 | * | 31 Oct (w) high | |
R2 | 5.2500 | * | congestion | S3 | 5.0520 | ** | 50% ret of Dec-Apr rally | |
R1 | 5.2000 | ** | congestion | S4 | 5.0000 | * | congestion |
Asterisk denotes strength of level
16:45 BST - Little change, as prices extend pressure on congestion support at 5.1000 and the 5.1085 Fibonacci retracement. Intraday studies are oversold, suggesting further consolidation around here,, before bearish daily readings and deteriorating weekly charts prompt a break. A later close beneath here will add fresh weight to sentiment and extend losses towards the 5.0520 retracement. Meanwhile, resistance remains up to congestion around 5.2000. A close above here, if seen, will turn sentiment neutral and give way to range trade beneath 5.2500.