JP17S

The dollar country!

Long
FX_IDC:USDBRL   U.S. Dollar / Brazilian Real
For this one if the trend is your friend fibonacci must be your girl friend, we can see a very healthy accumulation on the weekly chart since may, the price tested the 4,94 about 2 times now and doesn't seem to be slowing down for another re-test any time soon


doted line = 20%, dashed line = 50%, straight line = 100%, if the price breaks the 50% trend line we can expect another re-test at 4,94 however if the price breaks the 100% trend we should look for high pivot point and a down trend reaching for 4,25

but we can clearly see that this is just an accumulation and the trend is up so far, if we break the 6 dollar resistance it's pretty much a no coming back type of run.