Free Trial

Price Signal Summary - Fresh Cycle Low In USDMXN

LATAM FX
  • The USDMXN downtrend remains intact and the pair is trading lower today. The bear trigger at 17.4207, the May 15 low, has been cleared. This confirms a resumption of the downtrend and opens 17.0507, the Apr 29 2016 low. Price remains below resistance at the 50-day EMA, which intersects at 17.8244. This is a key short-term hurdle for bulls, where a break would signal a reversal.
  • USDBRL maintains a softer tone following the reversal from 5.1277, the May 31 high. Attention is on 4.8859, the May 15 low and key support. This level has been pierced, a clear break would confirm a resumption of the downtrend and open 4.8000. Moving average studies are in a bear mode condition and this highlights a downtrend. On the upside, initial firm resistance is at 5.0118, the 50-day EMA. Key resistance has been defined at 5.1277.
  • USDCLP has gapped higher at today’s open. The pair recently pierced (in mid-May) support at 783.10, the Mar 31 low. A clear break of this level would expose the key bear trigger at 776.28, the Feb 3 low. Clearance of this support would confirm a resumption of the broader downtrend. For now, the price remains above the May 15 low, a stronger bounce would refocus attention on key short-term resistance at 837.15, the Mar 17 high.

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.