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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.
LATAM FX
- The trend condition in USDMXN appears to have reversed following the bounce off 19.0401 last week, the Nov 29 low. Two important Japanese candlestick patterns have appeared on the daily chart; a hammer formation on Nov 29 and a bullish engulfing candle on Dec 2. Both patterns are bullish reversal signals and today’s follow through reinforces a bullish case. Attention is on resistance at 19.5928, the Nov 21 low which has been pierced and 19.6430, the 50-day EMA. A clear break of both these hurdles would strengthen the reversal and open 19.8102, 50.0% of the Sep 28 - Nov 29 bear leg. Key support lies at 19.0401.
- USDBRL remains below its recent highs and last Wednesday’s extension lower highlights a bearish threat. The pair recently breached resistance at 5.4286, the Sep 29 high and pierced 5.5142, the Jul 21 high and a medium-term bull trigger. A clear break of the latter is required to cancel a bearish theme and instead signal scope for a stronger move higher near-term. Initial firm support at 5.2445, the Nov 10 low, has been breached. The move lower exposes 5.0108, the Sep 29 / 30 low.
- USDCLP continues to trade below its recent highs and traded lower last week. Resistance to watch is 958.44, the Nov 3 high. A break of this level would signal scope for a stronger recovery towards 996.97, the Sep 26 high. On the downside, key support and the bear trigger at 880.85, the Nov 11 low, has been pierced. Clearance of this support would open 849.75, the Sep 5 low.
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.
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