USD/BRL: Downtrend resumes toward multi‑month channel lows – Societe Generale
Societe Generale analysts note the Brazilian Real's (BRL) performance and highlight that USD/BRL failed to clear its downward‑sloping 200‑day moving average during recent consolidation, confirming the broader bearish trend. The pair has broken below its range, with the they targeting the lower band of a multi‑month channel near 4.90 and projections at 4.86/4.84, while viewing 5.20 as short‑term resistance.
Bearish structure targets 4.90 and below
"USD/BRL failed to overcome the downward‑sloping 200‑DMA during the recent consolidation, underscoring the persistence of the broader downtrend."
"A break below the lower bound of the range has triggered a resumption of the decline."
"The next objectives are located near the lower band of a multi‑month channel around 4.90, followed by projections at 4.86/4.84."
"The peak achieved earlier in April at 5.20 is a short‑term resistance."
(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor.)
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