$USD Languishes Against Brazilian Real - forextrading forex fx
This is a market that just formed the so-called “death cross”, so longer-term traders will probably be looking at that as a potential signal as well. That being said, it is likely going to be a scenario where we will continue to see a “fade the rallies” type of situation.In fact, I do not know when I would be a buyer, but I know it would have to be at least above the 5.25 handle, and perhaps have something to do with a major “risk off” type of situation globally.
In general, this is a market that I think will continue to see a lot of choppy behavior, but I also believe that it is probably only a matter of time before the buyers at least have to come back and make an attempt to get to the upside. The 5.07 level is an area that I will be paying attention to underneath as the scene of a potential bounce, but we still have to get there first.
Keep in mind that the Brazilian real is highly sensitive to the commodity markets, especially agriculturaland others like sugar. That being said, we have seen sugar markets change in attitude, and it could suggest that we are going to continue to see a lot of push and pull as to where we are getting ready to go on the risk spectrum here. The one thing that I would say that sellers have to be aware of is the fact that we are quite overstretched at this point.
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