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FernandoHilario
Jun 20, 2020 9:16 PM

US Dollar overcomes first projected resistance Long

U.S. DOLLAR / BRAZILIAN REALICE

Description

The US Dollar has reached and overcome the first projected resistence around R$5.30.

It seems like its going to keep rising till the region of R$6.00, where it is going to retract to R$5.30 tops.

On the other hand if this recent overcoming fails, the US Dollar may retreat back to the next support around R$4.80.

What do you think?
Does it make sense for you?
Comments
Ricardo_N
Looks like it was a fake-out, but the USD will likely continue to strengthen compared to the BRL as Brazilian COVID cases mount up exponentially (despite limited testing) and investors meet with Bolsonaro to discuss stopping deforestation (decreasing margins and revenue potential for big companies). The move is likely still in play.
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