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Free AccessPrice Signal Summary: USDBRL Bear Leg Extends
- USDMXN is unchanged and consolidating. The pair continues to challenge the key short-term support and bear trigger at 20.2787, Jan 18 low. A clear break of this level would confirm a resumption of the downtrend and open 20.1196, Oct 26 low ahead of the 20.00 handle. Key short-term resistance is unchanged at 20.9141. A break would alter the picture.
- USDBRL path of least resistance remains down and the pair has traded through the 5.10 handle. A bearish theme follows the recent clear break of support at 5.3885, Nov 11 low that highlighted a range breakout and confirmed a resumption of the bear cycle that has been in place since Dec 21. Bears have not looked back. Sights are on 5.0416, the Jul 29 low ahead of the 5.00 handle. On the upside, resistance is seen at 5.2628, the 20-day EMA.
- The USDCLP trend direction remains bearish and the recent reversal from 832.75, Feb 7 high, reinforces this theme. The focus is on 793.46, the Jan 27 low and a bear trigger. This level has been probed, a clear break would confirm a resumption of the downtrend and open 788.22, the Nov 10 low ahead of 783.23, the 50.0% retracement of the May - Dec 2021 upleg. 832.75 marks the key short-term resistance.
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Why MNI
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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.