USD/BRL: Next potential objectives located at May high of 5.11/5.13 and 5.21 – SocGen
|USD/BRL has crossed back above 5.00. Economists at Société Générale analyze the pair’s outlook.
Defence of 4.84 crucial for persistence in up move
USD/BRL has extended its rebound after carving out a higher low at 4.84 as compared to the one in July near 4.69. It has crossed above the descending channel that encompassed the decline since January and is attempting a break above the 200-DMA.
Next potential objectives are located at May high of 5.11/5.13 and 5.21.
Defence of recent pivot low near 4.84 would be crucial for persistence in up move.
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