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Free AccessPrice Signal Summary: USDBRL Path Of Least Resistance Remains Up
- USDMXN is consolidating and price is trading closer to recent lows. The recent pullback is still considered corrective. The trend direction remains up and this is reinforced by the moving average condition that remains in a bull mode. The 50-day EMA at 20.2682 marks support. A resumption of gains would refocus attention on the bull trigger at 20.9301, the Oct 12 high. A clear break of the 50-day EMA would alter the picture.
- The USDBRL trend needle still points and the pair has found support at 5.4342, Oct 15 low and just ahead of the 20-day EMA. A continuation higher would open 5.5730, the Oct 13 high and a break of this level would confirm a resumption of the uptrend. This would expose the 5.60 handle and 5.6428, 76.4% of the Mar - Jun downleg. Below 5.4342, additional support is seen at 5.3455, the 50-day EMA.
- USDCLP maintains a bull tone despite this week's pullback. Last week's highs reinforce bullish conditions and confirm an extension of the bullish price sequence of higher highs and higher lows. The focus is on 834.36, 76.4% of the Mar 2020 - May 2021 downleg. A break would open 841.17, high May 6, 2020. Firm short-term support lies at 806.63, the Oct 14 low. The 50-day EMA, as a support, is at $792.21.
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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.