- USD/BRL: Failure to establish above 5.01 could lead to persistence in decline – SocGen
Market news
5 July 2023
USD/BRL: Failure to establish above 5.01 could lead to persistence in decline – SocGen
USD/BRL has recently achieved downside projections of 4.75. Economists at Société Générale analyze the pair’s technical outlook.
Below 4.75, next potential objectives are located at 4.69 4.61/4.59
An initial bounce is taking shape and a revisit of 50-DMA near 4.90/4.93 is not ruled out.
It would be interesting to see if the pair can re-establish above the lower band of previous range near 5.01; failure could lead to persistence in decline.
Below 4.75, next potential objectives are located at 4.69 and April 2022 lows of 4.61/4.59.
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