MNI China Daily Summary: Thursday, April 22

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Price Signal Summary: Bearish Extension In USDMXN

LATAM FX
  • USDMXN is trading lower again today as the pair extends the recent reversal from the Jun 16 high of 20.7014. The pullback is considered corrective, however, there is also the risk of a deeper retracement near-term. Price is below both the 20- and 50-day EMAs and a continuation lower would open 19.6185, the Jun 10 low. Key resistance is unchanged at 20.7014, a break would confirm a resumption of bullish activity.
  • USDBRL maintains a firmer tone following recent gains and attention is on key resistance at 5.2090, the May 12 high. This resistance was breached Thursday, a clear break would strengthen bullish conditions and open 5.3083, 61.8% of the Dec 21 ‘21 - Apr 5 bear leg. On the downside, initial support is seen at 5.0296, the 20-day EMA.
  • USDCLP maintains a bullish tone and traded higher once again thursday. Recent gains have resulted in a break of key resistance at 871.60, the May 12 high, and the major hurdle for bulls at 878.86, the Mar 19 2020 high. This signals potential for further gains beyond the 900.00 handle. Initial firm support is at 846.43, the Jun 10 high and a gap low on the daily chart. First support is seen at 871.60, May 12 high.
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