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USDBRL Breaks Above 100DMA Resistance

BRAZIL
  • Market uncertainty keeps pushing the US Dollar higher, with DXY index breaking above the psychological 104 level in today’s trading session.
  • Pressure on EM FX has remained elevated as CNY depreciation / geopolitical tensions continue to weigh on EM assets.
  • Bull retracement on USDBRL continues on Thursday, with USDBRL breaking above its 100DMA at 5.1660.
  • BRL is one of the weakest EM FX performers in Q2, down nearly 9% against the greenback.
  • Next resistance to watch on the topside stands at 5.2290, which corresponds to the 50% retracement of the 4.5840 – 5.8740 range.

Source: Bloomberg/MNI


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  • Market uncertainty keeps pushing the US Dollar higher, with DXY index breaking above the psychological 104 level in today’s trading session.
  • Pressure on EM FX has remained elevated as CNY depreciation / geopolitical tensions continue to weigh on EM assets.
  • Bull retracement on USDBRL continues on Thursday, with USDBRL breaking above its 100DMA at 5.1660.
  • BRL is one of the weakest EM FX performers in Q2, down nearly 9% against the greenback.
  • Next resistance to watch on the topside stands at 5.2290, which corresponds to the 50% retracement of the 4.5840 – 5.8740 range.

Source: Bloomberg/MNI