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Free AccessPrice Signal Summary: USDBRL Bulls Have Their Sights On Key Resistance
- USDMXN traded higher again yesterday and remains firm. The climb this week has resulted in a print above 20.6378, the Apr 28 high. It marks an important resistance and a clear break would suggest potential for an extension higher. This would open 20.6830 (tested) and 20.9829, the 61.8% and 76.4% retracements of the Mar - May bear leg. Key support has been defined at 19.4136, May 30 low. Initial support is at 19.9099, the 20-day EMA.
- USDBRL maintains a firmer tone following recent gains. The recent recovery is still considered corrective, however, the stronger rally does signal scope for a continuation higher. Key resistance to watch is 5.2090, the May 12 high. A breach of this level would strengthen bullish conditions. On the downside, weakness through support at 4.6910 would reinstate a bearish threat and expose 4.5836, the Apr 5 low. Initial support is 4.9153, the 20-day EMA.
- USDCLP traded sharply higher on Jun 10 to confirm a reversal of the bear cycle between May 12 - Jun 3. The USD has also traded higher this week and remains firm. The rally has resulted in a print above key near-term resistance at 871.60, the May 12 high. Clearance of this resistance would expose the major hurdle for bulls at 878.86, the Mar 19 2020 high. Key short-term support has been defined at 807.85. Initial support is at 830.94, the Jun 13 low.
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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.