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USDBRL Not Phased By Weaker Risk Sentiment

BRAZIL

After opening up 0.75% at 5.17, USDBRL retraced immediately taking out Friday's lows and has just tested our primary support at 5.0841, which holds for now.

Technical levels on the downside include:

  • SUP 1: 5.0841 Low Jul 22 and a primary sup.
  • SUP 2: 5.0522 76.4% of the Jun - Oct rally.
  • SUP 3: 4.9427 1.00 proj of the Oct 30 - Nov 9 - Nov 13 price swing.
  • SUP 4: 4.8187 Low Jun 8 and a key support.

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