USD/BRL: Next potential objectives located at May high of 5.11/5.13 and 5.21 – SocGen

Market news

29 September 2023

USD/BRL: Next potential objectives located at May high of 5.11/5.13 and 5.21 – SocGen

USD/BRL has crossed back above 5.00. Economists at Société Générale analyze the pair’s outlook.

Defence of 4.84 crucial for persistence in up move

USD/BRL has extended its rebound after carving out a higher low at 4.84 as compared to the one in July near 4.69. It has crossed above the descending channel that encompassed the decline since January and is attempting a break above the 200-DMA.

Next potential objectives are located at May high of 5.11/5.13 and 5.21.

Defence of recent pivot low near 4.84 would be crucial for persistence in up move.

Silver Price Analysis: XAG/USD to rebound towards $25 by year-end – ANZ

GBP to suffer amid cautious BoE – Commerzbank

Market Focus

Material posted here is solely for information purposes and reliance on this may lead to losses. Past performances are not a reliable indicator of future results. Please read our full disclaimer

Open Demo Account & Personal Page

Personal area

support@teletradepartners.com

Risk Warning: Trading in the financial markets (including trading on margin) provides a wide range of opportunities and enables investors ready to take risks to make high profits, but it carries a potentially high level of risk of loss. Therefore, prior to trading you should take into careful consideration whether such operations are suitable for you in terms of your level of knowledge and financial situation.