The USD/BRL has reacted to Monday’s early lower depths with a rather swift punch upwards which essentially creates more speculative opportunities.

The USD/BRL is situated near the 5.2778 realm as of this writing, but this is before the currency pair opens for trading today. Having hit a low of 5.1216 on Monday the USD/BRL has fought its way higher. The depths explored earlier this week last traded sincerely around the same values during the third week of June.

Traders of the USD/BLR as always should be ready for some type of opening spike and should wait until the market has initiated to pursue the currency pair in order to let things calm down for a moment.

Entry prices orders should be used when trading the USD/BRL to make sure price fills are within reason. Trading volumes in the USD/BRL currency pair are sometimes light which can lead to expectations not being met while opening a position. The USD/BRL is now close to perceived technical resistance. Intriguingly, the current value of the Forex pair is near important lows generated the day before last week’s U.S Fed interest rate hike.

USD/BRL resting near Important Resistance which should be watched

It may come as a surprise if the USD/BRL were to break current resistance with a sustained effort, but if this occurs it is likely a sign that large financial houses are acting on transactions the public is not aware of regarding business enterprises. Speculators’ who have the courage to step in and sell the USD/BRL at its current levels, after the currency pair opens today, may be making a bold but wise choice. If current resistance is proven to be rather durable it may serve as a solid launching point for short positions. 

Traders however need to be careful because although the USD/BRL did test significant support on Monday, the move upwards also highlighted questions which remain about the global economic picture. The U.S Fed is likely to continue raising interest rates, the lack of clarity regarding U.S inflation data and growth numbers could continue to foster dynamic trading conditions which cause volatility.

• Technically it will prove interesting to see if the 5.2000 to 5.2900 ratios can develop as a solid trading range for the USD/BRL.
• If current resistance proves weak this could mean financial houses are not comfortable regarding economic outlook and remain skeptical, which could produce additional buying of the USD/BRL.

Final Thoughts about Current Trading Perceptions:

The range the USD/BRL is now within should be watched carefully.  If current resistance levels prove adequate this could be a solid bearish signal for the USD/BRL. However, nervous sentiment is still strong within the global markets and volatility may continue to be seen near term. Risk management is essential. Traders looking for lower prices via selling positions should use realistic targets and not be overly ambitious.

Brazilian Real Short-Term Outlook

Current Resistance:  5.2885

Current Support:  5.2575

High Target: 5.3217

Low Target:  5.1859

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SOL/USD has produced choppy trading the past couple of days, and since the 2^nd of April has produced a bearish trend.

After hitting a high of nearly 143.4000 on the 2^nd of April, which tested highs not seen since the 20^th of January, SOL/USD has taken on a rather stark bearish trend. Technical traders will certainly have their perceptions tested in the short term with Solana. The ability to hit important resistance levels in early April, and then be pushed backwards with a rather stark amount of violence likely has had an effect on speculative bulls.

As of this writing, SOL/USD is near the 106.6000 mark in fast conditions. A low of nearly 98.2000 was produced on the 11^th of April and some reversals higher have been witnessed. Incrementally SOL/USD has also seen short term support levels rise. The question is if the current three day move higher can be sustained, or if it will prove to be a ‘dead cat’ bounce. The long term bearish trend of SOL/USD seemed likely to be proclaimed over in early April, but the resurgence of downward motion cannot be discounted and nervous fears may be building again.

Lows seen only a few days ago tested important support levels which did seem to hold via pricing comparisons of late March.  The current value range of SOL/USD will need to prove strong in order to attract additional buying waves, beyond the scope of mere day traders looking to capture quick hitting moves higher. The broad cryptocurrency market appears to be awash in nervous sentiment and if current support levels among Solana counterparts start to look vulnerable, this could be a poor signal for SOL/USD too.

Buying of SOL/USD certainly moved in step with the broad cryptocurrency market during its positive run from the middle of March until early April. However, the price action downward in SOL/USD has actually been more violent compared to the likes of Ethereum and Bitcoin when percentage changes to value are gauged. SOL/USD lost more than 40% of its value from early April until lows were hit on the 11^th.

If current support levels prove durable and values near the 107.0000 to 106.0000 ratios can hold back the negative tide recently displayed, this may allow speculators to believe upside potential lurks.  However before conservative traders step into SOL/USD with buying wagers, they may want to see some consolidation over the next day or so. Looking for upside when support is approached may prove to be worthwhile, but for the moment traders may want to keep their price ambitions when looking for upside action rather tame and their stop loss orders working.

Solana Short-Term Outlook

Current Resistance: 107.8700

Current Support: 105.2200

High Target: 110.3500

Low Target: 96.1000

ETH/USD has stayed within sight of short-term highs, as the cryptocurrency has displayed an ability to sustain its gains and not falter wildly.

ETH/USD in early morning trading has again climbed above the 3400.00 juncture and is showing a rather intriguing durability as it sustains price without violent reversals lower. The low for ETH/USD a few hours ago was near the 3330.00 mark, which is noteworthy because it didn’t break below the lows from the 28^th of March when the 3310.00 was approached. The broad cryptocurrency market has begun to show signs of a shift in sentiment without violent profit taking, which would cause quick spikes lower and have been largely absent.

The price of ETH/USD is now challenging mid-term values not seen since the 12^th of January. Technical traders may want to pull out longer term charts like 6-month vantage points to gain further perception. The current price range of ETH/USD is important because if the cryptocurrency begins to seriously mount a move higher, traders may begin to consider the potential of late December and early January values when the juncture of 3600.00 was last seen.

Yesterday’s trading briefly did move towards the 3480.00 level, but the high could not be sustained. However, the trend – not even the short-term – is never a one way avenue, traders must acknowledge the price of ETH/USD moves with natural fluctuations based on the mechanics of trades being made every moment of the day. ETH/USD importantly has been able to keep within the higher elements of its near term range without suffering a major setback.

While some skeptics will still try to sell ETH/USD and look for reversals lower, these moves have become less worthwhile unless strict take profit order are being used to cash out a winning position before it vanishes. Yes, the cryptocurrency market has been within the clutches of a long bearish trend, but the ability to incrementally climb the past two weeks may be transforming the nervous sentiment which has been strong and turn it into a perceived buying opportunity for speculators.

If ETH/USD maintains its value near 3400.00 and is able to flirt with the 3425.00 level and then touch the 3450.00 mark, this would be a solid indication. Traders must be ready for reversals lower and use stop loss ratios, which they are comfortable with depending on the amount of leverage they are using. Continuing to look for upside movement from ETH/USD may prove to be the correct wager near term.

Ethereum Short-Term Outlook

Current Resistance: 3462.00

Current Support: 3379.00

High Target: 3691.00

Low Target: 3223.00

XRP/USD is trading slightly below the 88 cents ratio in early trading today, but it has not come without a fight. Late trading last night saw a sudden spike lower emerge which took Ripple to nearly 85 cents, this after achieving a high above 91 cents only a handful of hours before. Perhaps profit taking hit XRP/USD, but what should intrigue speculators is the notion that Ripple got off of the ground and then moved higher again.

While this morning’s highs are not yet near the values made yesterday, XRP/USD is within sight of important mid-term resistance.  XRP/USD is now a hair below prices seen in the second week of February, when the 90 cents juncture was flirted with from the 7^th until the 10^th of the month. Yes, XRP/USD like the broad cryptocurrency market was hit by a wave of selling shortly after the early February highs, and on the 24^th of the month Ripple was near 62 cents.

However, it can be argued that XRP/USD has been able to produce an incremental climb higher since touching this low in February.  And if current resistance levels are actually toppled, XRP/USD would sincerely be within sight of values not traded since late December of 2021. While nervous bearish selling has been prevalent for many months, suddenly XRP/USD may be within the clutches of a more optimistic trajectory. If Ripple can sustain its current price above 0.87700 this may be a positive signal for the cryptocurrency.

Traders who are skeptical of the move XRP/USD has made the past week may want to attempt selling positions, but they should be conservative with the amount of leverage they use and have their stop loss orders working. Perhaps trades that aim for quick hitting reversals lower towards support levels could produce profitable outcomes, but for the time being wagering on a big move downwards would be going against the present trend.

Bullish traders who want to pursue upside potential cannot be blamed, but yesterday’s sudden spike lower in XRP/USD should serve as a reminder that volatility remains abundant within Ripple. However, if XRP/USD can consolidate within its current price range, there is reason to suspect another push higher could erupt. If the 88 cents level is toppled again and sustained, traders may target 88 and half cents and perhaps even the 89 cents price levels as goals.

Ripple Short-Term Outlook

Current Resistance: 0.88350

Current Support: 0.87550

High Target: 0.91100

Low Target: 0.86030