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USD/BRL’s early-October rebound stalled below the 50-day moving average at 5.37/5.40, signaling weak follow-through, Société Générale’s FX analysts note.
💡 DMK Insight
USD/BRL’s struggle to break above the 50-day moving average at 5.37/5.40 is a red flag for bulls. This resistance level has historically acted as a pivot point, and failing to breach it could lead to a deeper correction. Traders should keep an eye on broader market sentiment, especially with the upcoming economic data releases that could influence the Brazilian real. If the pair slips below recent lows, it might trigger stop-loss orders, exacerbating selling pressure. On the flip side, a decisive break above 5.40 could signal a bullish reversal, attracting momentum traders. Watch for volatility around key economic indicators, particularly from Brazil, as they could provide the catalyst needed for a breakout or breakdown. The next few sessions will be crucial in determining the short-term direction of USD/BRL.
📮 Takeaway
Monitor USD/BRL closely; a break above 5.40 could signal a bullish reversal, while failure to hold could lead to further declines.
