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Key Support Remains Exposed


Pullback Extends, But Still Looks Corrective in Nature


FED Remains in Play Post-NFP/ISM Data

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Price Signal Summary - USDBRL Resistance Remains Exposed

  • The USDMXN outlook remains bearish. The pair has found some support today, however, it continues to trade closer to recent lows. Moving average studies highlight a downtrend. A continuation lower would expose the next key short-term support at 19.7533, Sep 12 low. Clearance of this level would strengthen bearish conditions and pave the way for a move towards 19.6185, the Jun 10 low. On the upside, a strong reversal higher would instead refocus attention on 20.5804, the Sep 28 high. Initial resistance to watch is 20.1759, the Oct 19 high.
  • USDBRL is trading closer to its recent highs. The outlook is bullish and attention is on resistance at 5.4286, the Sep 29 high. Clearance of this level would expose 5.5142, the Jul 21 high and a key resistance. On the downside, key short-term support is unchanged at 5.1121, the Oct 4 low. A break lower would instead highlight a bearish threat. First support is at 5.2418, the 50-day EMA.

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