USD/BRL may rise 234 - 351 pips

Our pivot point is at 5.4911.

Our preference

Rebound.

Alternative scenario

Below 5.4911, expect 5.4714 and 5.4597.

Comment

The RSI is above 50. The MACD is above its signal line and negative. The MACD must break above its zero level to trigger further gains. Moreover, the price stands above its 20 period moving average (5.5037) but below its 50 period moving average (5.5117).

Supports and resistances

5.5655 **

5.5538 *

5.5421 **

5.5304

5.5070 last

5.4988

5.4911 **

5.4714 *

5.4597 **

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