#USDBRL @ 5.21410 to extend the bounce towards 5.51 and perhaps 5.66/5.72 on a break past 5.32 – SocGen
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USD/BRL recently took support at the previous bullish gap of 5.01 and has staged a steady bounce. First hurdle is located at last month’s high of 5.32, a break above here would open up room for further gains, economists at Société Générale report.
“Daily MACD is attempting an entry within positive territory which would denote regain of upward momentum.”
“If USD/BRL reclaims 5.32, the bounce could extend towards 5.51 and perhaps even towards the multiyear descending trend line near 5.66/5.72.”
“Defending 5.01 would be crucial to avert a deeper pullback.”
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