Brazilian Real: Sideways, with a Side of Bullishness

2021-05-02T13:32:26-05:00May 2nd, 2021|Monthly|

The Brazilian real is in a major (long-term) sideways trend with resistance at the previous 4-month high of 0.19507 (January 2021) and support the 4-month low of 0.17008 (March 2021). Just outside that range is the previous high of 0.19925 (December 2020) and low of 0.17218. One step further out puts resistance at 0.20739 (June 2020) and major low of 0.16756 (May 2020). Monthly setochastics remain bullish, indicating the real should be able to build upside momentum.

Technically: The real looks like a solid buy with the long-term risk/reward favoring the long side. This could bode well for US soybeans, what few supplies remain that is.

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