Using the cup pattern and fibonacci retracement as a basis, there is a great chance that the BRL will continue to depreciate in the coming months.
Notice that the dollar price is consolidating in the gap between 0.5 and 0.618 fibo retracement, within the uptrend.
Most likely late 2021 or early 2022, the BRL will break through the 0.618 fibonacci resistance and head towards 1.0 fibonacci retracement (1 dollar = 8.5 R$).
If that happens, Brazil will in fact go into economic crisis at the end of 2022 and beginning of 2023.
Notice that the dollar price is consolidating in the gap between 0.5 and 0.618 fibo retracement, within the uptrend.
Most likely late 2021 or early 2022, the BRL will break through the 0.618 fibonacci resistance and head towards 1.0 fibonacci retracement (1 dollar = 8.5 R$).
If that happens, Brazil will in fact go into economic crisis at the end of 2022 and beginning of 2023.