USD/BRL edges lower, profit taking lift for BRL may be shortlived
Friday, March 20, 2015 6:52 PM UTC
- USD/BRL slips as traders exit USD longs
- Profit taking lift for the BRL may be shortlived, low growth/inflation woes remain
- USD/BRL probes 10-DMA support by 3.1968, 10-DMA has trailed higher since Jan USD rally
- Sub 10-DMA Minor Fib support at 3.1329, then light support to 2.8409
- Least resistance ahead as inflation, low growth, drought, PBR & Fed hikes loom
- Above 3.3630 pair eyes 3.5820 Mar '03 high