Here are the latest market charts and analysis for today. Check them out and know what’s happening in the market today.
EURBRL
The euro to Brazilian real exchange rate has the potential to go down towards its support level as the euro slows down momentarily. Bearish investors are hoping to have their luck against the tides, possibly pulling the prices lower towards their support in the coming days. However, the move will mostly have a minimal dent on the momentum of bulls as it will not be enough to push the 50-day moving average lower against the 200-day moving average. As of today, the pair has been trading neutrally as both sides wait for further guidance that could tip favors into their ends. The deal between the leaders of the European Union is the main factor that contributed to the prowess and strength of the euro now. And the Brazilian real is weighed down by the struggling country whose economy has been greatly battered by the pandemic. The number of COVID19 cases in Brazil makes it difficult for the real to fully recover against other major currencies.
GBPBRL
The mixed results produced by the United Kingdom’s economy this Tuesday didn’t prevent the British pound to Brazilian real exchange rate from climbing higher in the sessions. The pair’s prices have been very bullish in the recent weeks as Brazil faces a huge economic hurdle. As long as the pandemic continues to wreak havoc in the nation, the chances for bears aren’t looking good. It’s evident that bulls have the upper hand considering that the 50-day moving average has been trading significantly higher against the 200-day moving average. Moreover, it was just recently reported that Brazil surpassed the mark for 100,000 coronavirus deaths. It is currently the country with the second highest number of deaths in the world and experts are saying that there is no sign of easing anytime soon. As for the UK, bulls received good news when the Bank of England recently said that it sees a less severe downturn for the British economy.
USDBRL
The US dollar is currently seen working hard to force the Brazilian real past its initial resistance level this Tuesday. The trading pair has been awfully bullish in the past few weeks despite the major stumbles of the US dollar. Prices are on track to climb towards their higher resistance level, reaching ranges last seen in May 2020. The surge should help the bullish investors maintain their dominance, buoying the 50-day moving average further against the 200-day moving average. The US dollar has gained traction as investors tune in closely on the trade tensions between the United States and China and the stalemate in the US Congress over the massive fiscal stimulus. Just yesterday, the White House and US Congressional leaders expressed their interest to resume their discussions on a stimulus program that would save the US economy. Meanwhile, Beijing ordered sanctions on some US Republican lawmakers, intensifying the tension between the two parties.
USDRON
The news about a fiscal stimulus for the US economy has not only boosted the US dollar, but it also had a positive impact on the Romanian leu. As of writing, bears are seen taking advantage of the stock markets’ performance, gaining against the buck who is also aiming to secure much-needed gains. Despite today’s success, it’s believed that bulls would eventually regain their footing and push prices higher towards their resistance level. Investors are hoping to ease the bearish pressure by preventing the 50-day moving average from plummeting even lower against the 200-day moving average. Moreover, it was reported that the two disagreeing sides are looking to resume their negotiations for the much-needed fiscal stimulus. Traders are also focusing on trade tensions with China which have continued to intensify thanks to the new sanctions imposed by the Chinese government to 11 US citizens, including some known Republican lawmakers.
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