USD/BRL eyes a support zone at 5.30/5.28 – Societe Generale

USD/BRL up
move
has
stalled
near
the
upper
limit
of
an
ascending
channel
at
5.70,
Societe
Generale
FX
strategists
note.
 

USD/BRL
moves
towards
5.30

“USD/BRL up
move
has
stalled
near
the
upper
limit
of
an
ascending
channel
at
5.70.”

“Daily
MACD
recorded
multiyear
high
denoting
an
overstretched
uptrend.
The
pair
has
embarked
on
a
deeper
pullback
after
this
test.
The
50-DMA
near
5.30/5.28
is
a
potential
support
zone.”

“Defence
of
the
MA
could
lead
to
continuation
in
up
move.
Recent
gap
levels
near
5.55
which
is
also
the
50%
retracement
of
recent
down
move
is
near
term
hurdle.”