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TECHS: USDBRL Fails To Clear Resistance

BRAZIL

USDBRL failed yesterday to convincingly clear resistance at 5.1969, Dec 9 high.

  • A clear break of this hurdle and of the 5.20 handle would suggest scope for a stronger bounce and expose 5.3073, the 50-day EMA.
  • For now, bearish pressure dominates and attention is on the key support and bear trigger at 5.0107, Dec 14 low.
  • Support levels and price objectives:
    • SUP 1: 5.0437 Low Dec 17
    • SUP 2: 5.0107 Low Dec 14 and the bear trigger
    • SUP 3: 4.9427 1.00 proj of the Oct 30 - Nov 9 - Nov 13 price swing

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