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USDBRL Opens At Yesterday’s Lows Following BCB Decision

BRAZIL
  • USDBRL opened up with half a percent losses following the hawkish-to-expectations BCB on Wednesday. The pair has printed a marginal new low for the week at 5.2038, matching closely with initial support and the pair is bouncing as of writing.
  • Despite short-term technical conditions remaining bullish, the recent extension of USD weakness and hawkish posture of the BCB places the immediate focus on initial support at the 50-day EMA, currently intersecting at 5.2081. Key support resides at 5.1012, the Mar 8 low. A break of this level would signal scope for a return to 4.9410, the Feb 2 low.
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