USD/BRL: wait for the opportunity

USD/BRL: wait for the opportunity

2019-12-09 • Updated

Trade idea

SELL 7.1250; TP 4.0910; SL 4.1355

USD/BRL has started the week with a substantial move to the downside. The pair formed a lower high last week, thus the price action strongly resembles the “Head and Shoulders” pattern. The daily close below 4.1655 will confirm the bearish scenario. At the same time, selling at the current levels seems premature as there’s support in the form of the 50-day MA (4.1355) and the 50% Fibonacci retracement of the October-November advance (4.1275). A new wave of selling will occur if the pair falls below the latter. The target in this case will be at 4.0910 (61.8% Fibo). Before there’s a breakout, the price may consolidate above the mentioned support for some time. A return above 4.21 is needed to return powers to bulls.

USDBRL.png

Similar

USD/JPY: Take Your Profits
USD/JPY: Take Your Profits

USD/JPY declined further during yesterday’s trading, reaching as low as 109.36, while our short signal from 110.20 is still active and is giving us over 80 pips.

Latest news

GBP/USD Is Ready for Reverse Up
GBP/USD Is Ready for Reverse Up

GBP/USD is moving inside the ascending channel. Since it’s in the lower part of this channel, the pair should reverse up and continue moving in zig-zag.

Alibaba: Have You Lost Your Faith in China?
Alibaba: Have You Lost Your Faith in China?

What happened? Nearly one year later, Beijing started to concern about Alipay, which combines a digital payments platform with other traditional financial products such as loans, wealth management, and insurance…

Deposit with your local payment systems

Be on top of your game

Data collection notice

FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Next callback request for this phone number
will be available in

If you have an urgent issue please contact us via
Live chat

Internal error. Please try again later

Don’t waste your time – keep track of how NFP affects the US dollar and profit!

Beginner Forex book

Beginner Forex book will guide you through the world of trading.

Beginner Forex book

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera