The 50-period EMA serves as a short-term trend filter, while RSI (14) measures momentum. A rejection near resistance, with price remaining below the EMA and RSI holding beneath 50, would strengthen the bearish scenario.
A confirmed short entry around 19.10 could target 18.50 and subsequently 18.10 US cents per pound. The protective Stop Loss is positioned at 19.50. Continued weakness in crude oil and the Brazilian real could reinforce selling pressure, although a sustained recovery above resistance would weaken the setup.