Technical watch: (USD/BRL)The pair on weekly chart trading near lower trend line at 3.1745 which is to form as a significant.If this level breaches on a closing basis, then next critical support is seen at 3.0652.We susp…
Technical watch: (USD/BRL) The pair on weekly chart trading near lower trend line at 3.1745 which is to form as a significant.
If this level breaches on a closing basis, then next critical support is seen at 3.0652.
We suspect this would breach on downside, even if it does the pair is likely to take support at take 1st support at 3.0652 and 2nd support at 2.9539 to bounce back in medium term.
RSI (14 close) = 67.1733
Stochastic = %K line = 70.1130; %D line = 65.7235.
Currency hedging: Long hedge futures
Take up long positions in futures.
BRL futures contract is an exchange traded arrangement in futures markets.
The underlying of the futures contract is the average daily Interbank Deposit rates.
The July'15 contract (next month contract) is preferred.
It is currently trading at 0.31065s with volumes of 2231 units.
Should the underlying price rise, the gain in the value of the long futures position will be able to offset the increase in purchasing costs.
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