BRNUSD

The BRNUSD pair started the week with limited profit-taking after testing the highest levels in the past two weeks, influenced by the tension between Russia and Ukraine. While an overall optimistic atmosphere prevails in the Asian markets, the rise in the Japanese Nikkei index and the selling pressure in the Chinese mainland indices are noteworthy. In the US, PCE inflation, growth data, and the FOMC meeting minutes are among the key data to be watched this week. Additionally, the Russia-Ukraine tension and major central banks' interest rate policies are being monitored in the markets.

Technically speaking, the BRNUSD pair holding above the 74.00 support level on the hourly chart could be an important indicator for the continuation of the upward movement. In upward movements, the 75.00 and 75.50 levels can be watched as resistance. The pair is trading at the 74.125 level, and the RSI indicator at 47 suggests a neutral trend. In potential downturns, closures below the 73.50 support could introduce a pullback towards the 73.00 and 72.50 levels. The pair exhibits a 0.47% decline compared to the previous day.