USD/BRL is breaking down

USD/BRL is breaking down

Trade idea

SELL at 3.75/3.71; TP 3.6760; TP2 3.62; SL 3.7800

USD/BRL is a wild currency pair. However, it can make big moves and so is worth occasional trading.

The pair met very strong resistance at 3.9450. The picture on W1 looks very much like the “Head and Shoulders” with the neckline at 3.68 or 3.56. The pattern is not confirmed yet, but the pair will be drawn to the 50-week MA and the previous support at 3.6760. The next level to watch will be at 3.62.

USDBRLWeekly.png

On D1, the pair closed below the 200-day MA (3.78). Selling pressure will remain until USD/BRL stays below this resistance.   

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