USD/BRL may rise 437 - 656 pips

Our pivot point stands at 5.5299.

Our preference

As long as 5.5299 is support look for 5.6248.

Alternative scenario

Below 5.5299, expect 5.4931 and 5.4713.

Comment

The RSI is above its neutrality area at 50. The MACD is positive and below its signal line. The pair could retrace. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 5.5468 and 5.5325). Finally, the USD/BRL is trading above its upper Bollinger band (standing at 5.5534).

Supports and resistances

5.6685 **

5.6466 *

5.6248 **

5.6029

5.5592 last

5.5443

5.5299 **

5.4931 *

5.4713 **

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