USD/BRL UPDATE
Bearish structure remains intact. Price is still trading inside my sell zone, so the last 1/3 of my short stake stays armed with its trigger located at the break below last Friday’s low.
I expect the stronger leg lower to be confirmed after Kevin Warsh’s Jackson Hole speech tomorrow. The market will test whether he is actually the hawk he claims to be. In my view they will doubt his toughness, DXY weakens, and USD/BRL follows.
Next hours are decisive.
Bearish structure remains intact. Price is still trading inside my sell zone, so the last 1/3 of my short stake stays armed with its trigger located at the break below last Friday’s low.
I expect the stronger leg lower to be confirmed after Kevin Warsh’s Jackson Hole speech tomorrow. The market will test whether he is actually the hawk he claims to be. In my view they will doubt his toughness, DXY weakens, and USD/BRL follows.
Next hours are decisive.
