USD/BRL has experienced a steady down move after its rebound faltered near 5.21, the 61.8% retracement from November 2022. It is now close to the low of September near 4.84 which is interim support. The decline has stalled however reclaiming the 200-DMA near 4.98 would be essential to affirm a meaningful up move.

In case the pair fails to defend 4.84, the phase of decline could extend towards projections of 4.78 and perhaps even towards 4.69.