MNI: PBOC Net Injects CNY28.8 Bln via OMO Thursday

MNI: PBOC Sets Yuan Parity Higher At 7.1854 Thurs; -1.13% Y/Y

MNI BRIEF: Ontario To Cut U.S. Energy Flows When Tariffs Hit

MNI: BRAZIL'S COPOM RAISES SELIC RATE BY 100BPS TO 12.25%

MNI BRIEF: US Budget Deficit $367B In Nov; FYTD Record $624B

MNI China Daily Summary: Wednesday, December 11

MNI:AUSTRALIA NOV UNEMPLOYMENT RATE +3.9%

MNI: US NOV TREASURY BUDGET -$366.8B

EZ/UK Bond Supply Calendar: BTP Auction on Thursday

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Price Signal Summary - USDBRL Bulls Remain In The Driver’s Seat

LATAM FX
  • USDMXN traded sharply higher last week and the pair has extended the bull cycle this week. The latest rally cancels a recent bearish theme and has also resulted in a break of 18.2137, the Apr 19 high. This confirms a resumption of the broader uptrend that started Apr 9. 18.5129, 38.2% of the Nov 26 ‘21 - Apr 9 ‘24 bear cycle, has been cleared too. Sights are on the 19.00 handle and if this level gives way, it would open 19.2083, the 50.0% retracement point. Support to watch lies at 17.5878, the 20-day EMA.
  • USDBRL bulls remain in the driver’s seat. Last week’s bullish extension and this week’s climb, reinforces this theme. Gains have resulted in a break of key resistance at 5.2869, the Apr 16 high and bull trigger. The clear break of this hurdle confirms a resumption of the uptrend and opens 5.4787, the Jan 4 2023 high. On the downside, initial support to watch lies at 5.2516, the 20-day EMA.
  • A bear trend in USDCLP remains intact and recent bearish price action reinforces current conditions. The latest recovery appears to be a correction - for now. The next Important resistance is seen at 926.09, the 50-day EMA. It has been tested. A clear break of it would signal scope for a stronger correction towards 940.93, May 8 high. For bears, the break in early May of support at 935.63, the Mar 15 low, marked an important technical breach and highlighted a stronger reversal. 886.96, the 76.4% retracement of the Dec 1 ‘23 - Feb 26 bull leg, has been pierced. A clear break would open 870.45, the Dec 29 low.
EM BulletHomepagemarkets-real-timeBulletEmerging Market News
EM BulletHomepagemarkets-real-timeBulletEmerging Market News

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.