USD/BRL: Trend?
Eddie Tofpik | Oct 02, 2017 07:01
Last month has been an interesting, if not the most spectacular, of months. However, it still doesn't disqualify what I wrote two months ago as we ended up around 200 tics from where we last started. Just in case you do not immediately recall, back at the start of August I wrote:
I am certain that we will not continue being Bearish unless this band 3.0860 - 3.0400 (possibly 3.0200) is not dealt with. Upside, we'd need to have consecutive closes over the combination of Long MA (currently 3.2160) and Fib band 3.2093 - 3.2223 to turn it Bullish. Hence, I've decided to move the bullet point above into neutral to see how things work out.
Nothing since has altered that perception, all that really happened in September was a test down to the May low which was swiftly rejected with a Key Reversal Up and then a test up to the Medium MA (currently 3.2012) which was also swiftly rejected with a Bearish Dark Cloud Cover Pattern... nothing's changed! Bullet point stays in Neutral!
Support is currently at 3.1499, 3.1465, 3.1351 (dynamic), 3.1215, 3.1131, 3.1071 and 3.0783.
Resistance is currently at 3.1743 (dynamic), 3.1795, 3.2012 (dynamic), 3.2045, 3.2139, 3.2174, 3.2233 and 3.2435.
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