The Brazilian Real was up a smidgen last week. Economists at analyze USD/BRL outlook.
Reclaiming 200-DMA near 4.98 essential to affirm a meaningful up move
USD/BRL has experienced a steady down move after its rebound faltered near 5.21, the 61.8% retracement from November 2022. It is now close to the low of September near 4.84 which is interim support. The decline has stalled however reclaiming the 200-DMA near 4.98 would be essential to affirm a meaningful up move.
In case the pair fails to defend 4.84, the phase of decline could extend towards projections of 4.78 and perhaps even towards 4.69.
Read the full article here
