USD/BRL may rise to 5.8275 - 5.9560

Our pivot point stands at 5.3810.

Our preference

The upside prevails as long as 5.3810 is support.

Alternative scenario

The downside breakout of 5.3810 would call for 5.1659 and 5.0379.

Comment

The RSI is above 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 5.5132 and 5.3728).

Supports and resistances

6.2130 **

6.0845 *

5.9560 **

5.8275

5.5500 last

5.4655

5.3810 **

5.1659 *

5.0379 **

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