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Positive momentum builds in USD/BRL – Société Générale

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The Brazilian Real (BRL) remains under mild pressure as USD/BRL holds above 5.27, with technical signals pointing to further upside while support at 5.37 stays intact, Société Générale's FX analysts note.

The Brazilian Real (BRL) remains under mild pressure as USD/BRL holds above 5.27, with technical signals pointing to further upside while support at 5.37 stays intact, Société Générale's FX analysts note.

USD/BRL turns constructive above 5.37 support

"USD/BRL formed an interim low near 5.27 last month resulting in a short-term bounce. It has crossed a multi-month descending trend line. Daily MACD has been posting positive divergence highlighting receding downward momentum."

"If a short-term pullback develops, graphical levels near 5.37 may provide support. Defence of this may lead to continuation in rebound. The next hurdles are located at the 200-DMA near 5.63 and May highs of 5.73/5.76."

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