The US dollar rallied significantly to slam into previous support, which should be resistance, against the Brazilian real.
The area between the 5.00 and 5.15 levels continues to be of interest, as we had consolidated in that general vicinity previously. As we slammed into the bottom of it during the trading session on Tuesday, we finally ran out of a little bit of momentum, which has exploded in favor of the greenback over the last several days.Trade them with our featured broker.At this point, the market looks as if it is going to try to reenter that consolidation area, but I would anticipate a big fight.
I do believe that as long as there is going to be a lot of fear out there, it makes sense to consider that the US dollar should continue to throttle emerging market currencies such as the Brazilian real. In fact, emerging market currencies are some of the worst-performing out there right now, because so much of the emerging market debt is priced in US dollars. The stronger the US dollar gets, the less attractive the emerging market currencies become.
I do not have any interest in shorting the US dollar right now, and certainly would not do so against Brazilian real. Yes, I recognize that we are still technically in a downtrend but the US dollar can be like a wrecking ball against everything when it wants to.
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