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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.
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MNI China Daily Summary: Wednesday, Aug 21
Price Signal Summary: USDBRL Pull Back From Recent Highs Extends
- The USDMXN is unchanged and continues to consolidate near its recent lows. The short-term outlook is bearish and this follows the sell-off that started Nov 26, with short-lived corrective spells. Attention is on support at 20.2517, Nov 9 low and 20.1196, Oct 26 low and a key support. On the upside, resistance is seen at 20.7603, Jan 6 high where a break would suggest a base and also confirm a break of the 50-day EMA.
- USDBRL has continued to pull back from recent highs and yesterday breached support at 5.5477, the Dec 30 low. The pair has also cleared the 20- and 50-day EMAs this week. While the move lower is considered corrective, the break of various support levels suggests scope for a deeper short-term pullback. The focus is on 5.5184, Dec 9 low where a break would open 5.3885 further out, the Nov 11 low. Key resistance is unchanged at 5.7563, the Dec 21 high.
- USDCLP remains in a bearish cycle that is likely a correction. Last week’s sell-off resulted in a breach of trendline support drawn from the May 10, 2021 low. Furthermore, the 50-day EMA has been breached and this suggests scope for a deeper pullback towards 818.65 next, Dec 1 low. For bulls, a resumption of gains would open the bull trigger at 876.15, the Dec 20 high. Initial firm resistance however is at 856.64, the Jan 4 high.
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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.