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BRLUSD - Rallies to One Month High Above 0.2550 as Election Approaches

 

 
In the last month the BRLUSD has enjoyed a healthy rally higher to a one month high above 0.2550 as it fought off multi-year lows. This rally is significant as the BRLUSD had firmly established a medium term down trend reaching lower peaks and lower troughs for several months. The 0.27 level seems some distance away however it is likely to be the next significant level offering resistance as it has done so several times over the last few months.
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BRLUSD - Slumps to 2018 Low Under 0.24 on Election Uncertainty

In the last few days BRLUSD has been sold off strongly again meeting some resistance around the 0.2475 level which it has encountered a few times in the last few weeks. In meeting this resistance, BRLUSD has consolidated in a narrow range under this level after falling so sharply throughout August. The 0.24 level had been providing solid support however it is now in jeopardy of giving way and allowing the currency to fall lower. The markets will be watching closely to see if it can regain lost ground and get back above this level.

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