Brazilian Real: Downside risk against US Dollar – Societe Generale

Societe Generale analysts reports USD/BRL has been rebounding from an interim low near 4.88 and is approaching the 200-DMA and a descending trend line around 5.25. They stress the need to see if a base and trend reversal can form, with resistance at 5.32/5.34 and downside risk if 4.99 fails.