USD/BRL: Trend Up
Bullish energy and the market would subsequently try lower. It did...for one day... forming a very significant Bull Hammer which led to a Bullish Halfway Hesitation which led to a test...and so far failure... to overcome the Upper Tine of the Sep 2017 - Jan 2018 Andrews Pitchfork (currently 3.5366). We actually finished last Friday with an Indecisive Spinning Top just under it...a sign that perhaps it wishes to try higher, finds the obstacle (the AP Tine) awkward but doesn't wish to move back down. This resistance is interesting as I have nothing of note after the AP Tine i l l about the 3.6385 area.
We have some congesion before in the 3.6300 area but it currently seems conservaive and low. Therefore we ought to see a try up soon to that level. However, as mentioned, the Upper AP Tine is perhaps keeping a lid on it... watch the next few days to see. Beyond 3.6385 we've resistance at 3.6761 and 3.7188 whilst below we have support at 3.5100, 3.4524, 3.4358, a band 3.4200 - 3.4124 and then the recent 50% Tine currently at 3.3433. With all MAs poining higher I've decided to remove the question mark from the bullet point above and make it fully Bullish.
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