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USD/BRL Analysis Today - 06/08: Weak High Values (Chart)
(MENAFN- Daily Forex) The USD/BRL spiked higher on Monday and nearly touched the 5.8685 ratio before reversing lower back to its known range which remains in elevated territory.
5.7275Current Support:
5.7145High Target: 5.7860Low Target:
5.6980Want to trade our daily forex analysis and predictions ? Here are the best brokers in Brazil to check out.
- The price of the USD/BRL closed yesterday's trading near the 5.7240 ratio, which is an achievement considering a volatile gap surged early on Monday and the currency pair touched the 5.8685 vicinity momentarily.
- The violent move upwards to start trading yesterday was a nervous reaction to global financial market chaos which was certainly been seen.
- However, before traders celebrate the ability of the Brazilian Real to trade lower as yesterday progressed, they should consider a few technical notions.
- The USD/BRL is going to be tested early today when it opens and its direction should be watched intently, if the currency pair remains above the 5.7000 level comfortably it may be a sign financial institutions continue to lean towards bullish thoughts.
- U.S economic data will be light the remainder of the week and behavioral sentiment will be important, meaning nervousness about Brazil's fiscal policies may continue to affect results.
5.7275Current Support:
5.7145High Target: 5.7860Low Target:
5.6980Want to trade our daily forex analysis and predictions ? Here are the best brokers in Brazil to check out.

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