USDBRL

Brazils currency should have started wave C down but did not. It continued to consolidate in wave B. The fall rfrom the previous high ended in 3 waves and is now marked as b of B. Wave c of B is forming and the 61.8% retracement mark at 5.55 is the key resistance before which it may complete. The next wave down in C is pending and due to begin. Wave C down could go to 4.42 if C=A was achieved.