USD/BRL Forecast: USD Pulls Back Against Brazilian Real

On Wednesday, the US dollar pulled back against the Brazilian real as a reaction to the recent breakout. It now appears that the 5.2 BRL level should offer support, as it was previous resistance. We have finished a “W pattern”, so it will be interesting to see whether or not we can find the necessary momentum to go higher. At this point, it looks as if we are going to check this area for a potential springboard higher, but we need to break above the 5.27 level to confirm that.

Michael Cooper

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