MNI BRIEF: BOJ Tankan: Business Inflation Expectations Solid

MNI BRIEF: RBA Details Hypothetical Monetary Policy Paths

MNI: PBOC Net Injects CNY14.2 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Higher At 7.1876 Fri; -1.22% Y/Y

MNI BOJ DEC TANKAN LARGE MFG INDEX +14; SEPT 13; MEDIAN +12

MNI INTERVIEW2: Poland To Push For EU Defence Fund

MNI: UK DEC GFK CONSUMER CONFIDENCE INDEX -17

EZ/UK Bond Supply Calendar: Belgium ORI Facility on Friday

US EIA:NAT GAS STORAGE -190 BCF TO 3,747 BCF DEC 06 WK

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

LATAM FX: Price Signal Summary - USDMXN Bullish Theme Remains Intact

LATAM FX
  • A bullish theme in USDMXN remains intact following the rally between Jul 12 and Aug 5. Last week’s gains and this week’s follow through also represent a positive development and suggest the recent corrective pullback is over. Attention is on the 20.00 handle that was pierced earlier this month. A clear break of it would open 20.7642, the 76.4% retracement of the bear leg between Nov ‘21 and Apr this year. The bull trigger is 20.2181, the Aug 5 high. Support to watch lies at the 50-day EMA, at 18.5704. Initial support is at the 20-day EMA, at 19.0207.                                           
  • Bullish conditions in USDBRL remain intact and the bear cycle over much of August is considered corrective. Support around the 50-day EMA, has been breached, however, the pair has recovered from its most recent lows. A continuation higher would open 5.6724, the 61.8% retracement of the Aug 5 - 19 correction. Clearance of this level would expose key resistance and the bull trigger at 5.8551, the Aug 5 high. Key support has been defined at 5.3768, the Aug 19 low. 
  • The USDCLP bear leg that started Aug 5, appears to be a correction. However, price has traded through a key support at 929.78, the Aug 1 low. The breach highlights potential for a deeper retracement towards 902.00, the Jul 11 low. Clearance of this level would highlight a stronger reversal and expose 881.73, the May 20 low. For bulls, a reversal higher would refocus attention on key resistance and the bull trigger at 966.61, the Aug 5 high. Initial firm resistance is 926.01, the 20-day EMA, and 940.53, the Aug 16 high.
EM BulletBulletGlobalEmerging Market NewsRegion
EM BulletBulletGlobalEmerging Market NewsRegion

To read the full story

Close

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.