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Poorer Risk Sentiment, Greenback Strength Weigh on MXN & BRL

LATAM FX
  • Weaker equity markets and the associated haven demand in currency markets have worked against the likes of MXN and BRL on Tuesday, although weakness is broadly in line with the adjustment for USD indices.
  • Overall, the outlook for USDMXN remains unchanged with the pair in consolidation mode close to recent lows. The short term trajectory is bearish and attention is on the next key support at 17.8981, the Mar 9 low. A breach of this level would open 17.5746, the Aug 25 2017 low. Initial firm resistance is at 18.4011, the Apr 5 high.
  • USDBRL is holding on to its recent gains having recovered from the Apr 14 low of 4.8928. Despite this latest short-term recovery, the trend outlook also remains bearish. The pair has traded lower recently resulting in a break of key support at 4.9410, the Feb 2 low. This confirmed a resumption of the broader bear cycle that started Nov 17 last year. Further weakness would open 4.8478, the Jun 8 2022 low. The next firm resistance is seen at 5.1165, the 50-day EMA.
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