Yes, it´s most used in a soccer match. As Fernanda said before this term it´s not from Brazil, ( I guess it´s from Spain ) because of the bullfighting in there.You also can use this term when a clumsy person does something wrong or funny. We say Olé.

"¡Olé!" comes from Spanish. In Spain is a very popular exclamation to cheer, for example in Flamenco performances, bullfighting or futbol (soccer) matches. In Brazil, this expression is very common in "soccer world", usually when players perform some dribbling (that reminds about some bulfighting performaces)

Say : Ola or Oi

Olé may have different origines: greec :ololizin” (ὀλολύζειν), or, most probably, from the arabian expression "allah", as an interjection meaning "oh god!". It's commonly used in Portugal in parties and festivities or sports' events.

Brazilians (and others) use it in soccer matches when one team keeps the ball from the other team. It's kind of a taunt to the team that can't get the soccer ball. If you have been watching some of the World Cup games, fans have chanted it.