USD/BRL may fall 374 - 561 pips

Our pivot point is at 5.5140.

Our preference

The downside prevails as long as 5.5140 is resistance.

Alternative scenario

Above 5.5140, look for 5.5454 and 5.5641.

Comment

The RSI is below 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 5.4918 and 5.4961).

Supports and resistances

5.5641 **

5.5454 *

5.5140 **

5.5016

5.4893 last

5.4519

5.4332 **

5.4145 *

5.3958 **

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