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Free AccessPrice Signal Summary: USDMXN Outlook Remains Bearish
- USDMXN is unchanged and the pair continues to consolidate. A bearish theme remains intact following the recent breach of support at 19.7274, Apr 4 low. This confirmed a resumption of a bear trend that began on Nov 26, 2021. The move lower opens 19.1560, the Mar 3 2020 low. On the upside, initial resistance is at 19.9827, the 50-day EMA.
- USDBRL remains vulnerable and the latest recovery is considered corrective. Price has recently breached support at 4.8597, Apr 29 low. This, together with a clear break of the 4.80 handle, strengthens the current bearish cycle and signals scope for 4.5836, Apr 5 low and a key support. Note too that moving average studies have crossed into a bear mode condition. Initial resistance is at 4.9336, the Jun 7 high.
- USDCLP short-term conditions remain bearish despite this week’s gains. Price has recently traded below both the 20- and 50-day EMAs and last week’s move lower reinforced current bearish conditions. The focus is on the 809.98 retracement, 61.8% of the Mar 29 - May 12 upleg. This level has been tested, a clear break would open 800.00. Initial resistance is at 833.00, the Jun 7 high.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.