USDBRL Breaking out Point

26 giu 2020USDBRl is on a mid range with clear chart formation. If it breaks above 5.40 it will try to find 5.90 very soon. On the other side, breaking down it aims 4.80 again on a double top formation.

With the moving averages crossing, the MACD still generating momentum, covid crisis taking off again in the US, risk off momentum can build up, bringing strength to USD and favoring the trade.

26 giu 2020

Trade attivo

With the break expected we entered the long @ 5.4000

2 lug 2020

Commento

Forming a channel with the support on the triangle on that chart. break means a possible exit very close to zero, but staying in the channel means a continuity.

9 lug 2020

Trade attivo

Failed on breaking higher, consolidating with lower moves. closing below 5.25 opens a huge chance to open a new short with target on th 4.80. All USD dependent though. BRL doesnt have much fundamentals to grind USDBRL lower.