- Analytics
- News and Tools
- Market News
- USD/BRL must overcome 5.10 to affirm an extended rebound – SocGen
USD/BRL must overcome 5.10 to affirm an extended rebound – SocGen
USD/BRL is back above 5.00. Economists at Société Générale analyze the pair’s technical outlook.
Downtrend could resume on a break under 4.93
“USD/BRL broke below the consolidation since last August however the downward momentum has not regained. The pair has formed an interim support near April low of 4.89 resulting in an initial bounce towards the 50-DMA. Recent pivot high at 5.10 is a short-term resistance. This must be overcome to affirm an extended rebound.”
“In case the pair fails to defend low formed this week at 4.93, the downtrend could resume.”
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
