USD/BRL eyes a support zone at 5.30/5.28 – Societe Generale

USD/BRL up move has stalled near the upper limit of an ascending channel at 5.70, Societe Generale FX strategists note.

USD/BRL moves towards 5.30

“USD/BRL up move has stalled near the upper limit of an ascending channel at 5.70.”

“Daily MACD recorded multiyear high denoting an overstretched uptrend. The pair has embarked on a deeper pullback after this test. The 50-DMA near 5.30/5.28 is a potential support zone.”

“Defence of the MA could lead to continuation in up move. Recent gap levels near 5.55 which is also the 50% retracement of recent down move is near term hurdle.”

Jul 10, 2024

AUD/NZD: A sustained move beyond 1.1100 possible – Societe Generale

AUD/NZD eyes a move beyond 1.1100 and could inch higher towards next projections of 1.1175 and 1.1250, Societe Generale FX strategists note.

Key highlights from Powell testimony before US Senate

Jerome Powell, Chairman of the US Federal Reserve (Fed), delivered the Semi-Annual Monetary Policy Report and responded to questions before the Senate Banking Committee on the first day of his Congressional testimony.