USD/BRL may rise 428 - 643 pips

Our pivot point is at 5.3998.

Our preference

Look for a drop towards 5.3998 before a bounce.

Alternative scenario

Below 5.3998, expect 5.3640 and 5.3426.

Comment

The RSI is above 50. The MACD is below its signal line and negative. The penetration of 50 on the RSI should trigger further losses. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 5.4463 and 5.4423).

Supports and resistances

5.5550 **

5.5336 *

5.5122 **

5.4907

5.4479 last

5.4139

5.3998 **

5.3640 *

5.3426 **

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