USD/BRL Analysis: Highs Challenged Apex Value Amidst Trading Concerns – 30 July 2024
The USD/BRL has come off the higher levels of its near-term range, but remains within the upper realms of its long-term charts, sparking concerns among traders.
-- The USD/BRL closed Monday’s trading near the 5.6158 level, which is certainly within the higher part of its mid and long-term price range.
-- Traders of the Brazilian Real who have been betting against the trend in hopes of a sudden bearish trajectory emerging have likely found difficult results.
-- The USD/BRL is not correlating to the USD centric weakness which has been seen in other major currency pairs.
The inability of the USD/BRL to trade lower is a sign financial institutions are nervous about the Brazilian government’s fiscal policy. The USD/BRL touched the 5.6900 vicinity last Thursday which came within sight of apex values on the 2nd of July. Any thoughts that financial institutions have become less nervous about domestic issues in
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USD/BRL Known Outlooks versus a Lack of Clarity
Yes, the USD/BRL has come off of highs seen late last week, but the trend of the currency pair remains challenging, and when it opens today traders should be braced for potential gaps. The problem for short-term speculators and large institutional players in the USD/BRL is that while they believe the
Even though many major currencies have gained against the USD the past few weeks, the USD/BRL has remained highly valued. Yes, the currency pair does have fluctuations which produce reversals for speculators to take advantage of, but the trend in the USD/BRL has remained bullish within technical perspectives. Tomorrow’s potentially dovish sounding
USD/BRL and Quick Hitting Trades
While speculators may believe the USD/BRL is too high and that it must trade lower, this type of stubborn behavior and betting posture can prove to be dangerous. The USD/BRL has been tracking higher consistently this year and this means financial institutions are more concerned about the Brazilian government’s economic policies compared to USD centric notions.
-- Small traders might want to sit on the sideline before tomorrow’s Fed pronouncement.
-- If the
Brazilian Real Short-Term Outlook:
Current Resistance: ;5.6225
Current Support: ; 5.5960
High Target: 5.6060
Low Target: ; 5.5700
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