by Macro D
In the mid-September weekly report, I presented my long idea on the Brazilian real (BRL), listing three different trades.
Trading Ideas:
Short USD/BRL
Short EUR/BRL
Long BRL/KRW
As of November 13, the situation is this:
USD/BRL SHORT
Entry at 5.6527: the price is now: 5.8089
EUR/BRL SHORT
Entry at 6.2617: the price is now: 6.1313
BRL/KRW LONG
Entry at 235.80: the price is now: 242.01
Naturally, the USD/BRL exchange rate has undergone more excellent excursions. Still, overall, I can confirm my long view on the Brazilian real, which shows us that necessary technical development tends to confirm the desire for an extension by confirming the graphs of interest. In contrast, from a macro point of view, I remain confidently tied to the thought that the Brazilian currency is about to become the protagonist of a chain of events that should push it firmly upwards.
Let’s explore.