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BRL Consolidates Post Election Rally, IP Data Due

BRAZIL
  • Monday’s sharp selloff in USDBRL is still considered to be technically corrective and the pair has held noted support at 5.1070, the Sep 22 low. A break of this level would cancel the recent bullish theme and instead signal scope for a deeper pullback towards 5.0108 initially, the Sep 29 / 30 low.
  • The overnight bid for the US dollar may provide further support for the pair at the open with Monday’s high around 5.30 acting as initial resistance before more significant resistance at 5.4286.
  • Industrial production, on a yearly comparison, likely rose by 2.4%, after a 0.5% drop the month before. National statistics agency IBGE releases the report at 1300BST/0800ET.
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