USD/BRL may rise to 5.7240 - 5.8489

5.3003 is our pivot point.

Our preference

As long as 5.3003 is support look for 5.8489.

Alternative scenario

The downside breakout of 5.3003 would call for 5.0909 and 4.9662.

Comment

The RSI is above its neutrality area at 50. The MACD is below its signal line and positive. The pair could retrace. Moreover, the pair is trading under its 20 period moving average (5.4773) but above its 50 period moving average (5.2990).

Supports and resistances

6.0986 **

5.9737 *

5.8489 **

5.7240

5.4654 last

5.3825

5.3003 **

5.0909 *

4.9662 **

Number of asterisks represents the strength of support and resistance levels.