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USDBRL Breaches Resistance, Eyes The 200-Day MA

BRAZIL
  • USDBRL is once again on the front foot, trading higher by around 1.40% on Wednesday as of writing. Recent gains have resulted in a break of both the 20- and 50-day EMAs. The sustained break of the 50-day EMA, intersecting today at 5.0345 and the move above resistance at 5.0891, the Apr 19 high, alters the technical picture and suggests scope for stronger recovery.
  • Price is now trading at the best levels since March 30 and has pierced the 100-day moving average in recent trade. The next target on the upside is the 200-day MA at 5.1731.

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