USD/BRL
As July moved into August you could see the formation of a Bullish pattern...even this far up. It turned out to be a small Double Bottom which projected the market higher and into forming a Weekly Key Reversal Up that led to the break upwards the following week and to the new 2018 high last week.
These last few days we've seemingly hesitated somewhat as though the Bullish incentive is still there but it's not enough perhaps. The reason I think is twofold...the 2015 high at 4.2477 and the proximity of the Middle Tine resistance of the super huge Middle Tine (currently 4.2492) of the 2011 - 2017 Andrews Pitchfork.
We're still over the very recent Projected 50% Fib at 4.1109, which is the current nearby support area and is important to the very recent action over 4.0000. It would seem likely we'd have another crack at 4.2500 as all MAs point upwards and it seems deserved of at least another attempt as there is also little in between other than the threat of the resistance above. If we break up through that...well then ...it gets interesting!
Consecutive closes below the 3.9702 high could negate the move higher any further...though this is a big ask at this time. So with all MA s pointing higher it only is left to move the mildly Bullish bullet point into fully Bullish.
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