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Free AccessPrice Signal Summary - Bearish Extension In USDMXN
- The USDMXN outlook remains bearish and is trading lower today. The pair last week cleared support at 19.7533, the Sep 12 low. The break confirmed the end of a period of consolidation that started mid-August and resumed the downtrend that started Jul 14. Note that moving average studies remain in a bear mode position, highlighting the current sentiment. 19.4136, the May 30 low, has been pierced. A clear break of this level would open 19.2802, 1.00 projection of the Jul 14 - Sep 12 - Sep 28 price swing. Key short-term resistance has been defined at 20.1759, the Oct 19 high. Initial resistance is at 19.7693, the 20-day EMA.
- USDBRL is trading in a volatile manner, gapping higher at the open and pulling back from the intraday high. Key short-term resistance has been defined at 5.4286, the Sep 29 high. While price trades below this level, the outlook remains bearish and a resumption of weakness would open the 5.0205 low on Nov 4. A break of this support would strengthen bearish conditions.
- USDCLP is trading lower today and the short-term outlook appears bearish. The 50-day EMA has recently been breached. The break signals potential for a deeper pullback and this has exposed 871.94, the Sep 9 low. Key resistance is at 996.97, the Sep 26 high. Clearance of this level would be bullish and open 1000.00 and 1061.00 further out, the Jul 14 high. Initial resistance is at 958.44, the Nov 3 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.