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

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

MNI BRIEF: Former BOC Dep Beaudry Sees 2.75%-3% Rate In 2025

MNI China Daily Summary: Wednesday, December 11

MNI BRIEF: Chinese Rail Passenger Numbers Break Record

MNI: PBOC Net Injects CNY37.3 Bln via OMO Wednesday

MNI: US NOV TREASURY BUDGET -$366.8B

EZ/UK Bond Supply Calendar: BTP Auction on Thursday

US EIA: CRUDE OIL STOCKS EX SPR -1.42M TO 422.0M DEC 06 WK

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 Support At The 50-Day EMA Remains Exposed

LATAM FX
  • USDMXN is trading closer to its recent lows following the pullback from 17.3885, the Apr 25 high. Price is once again below the 20- and 50-day EMAs. A continuation lower would pave the way for a move towards the 16.50 handle and 16.2616, the Apr 9 low and a key support. For bulls, resistance at 17.3860, the Jan 17 high, has recently been tested. This level is an important reversal trigger and a clear break, if seen, would be bullish and signal scope for a climb towards 17.6365, the 61.8% retracement of the Oct 6 - Apr 9 bear leg.
  • The recent move lower in USDBRL since Apr 16 appears to have been a correction. However, support around the 50-day EMA, at 5.0827, has also been pierced. A clear breach of this average would strengthen a short-term bearish theme and signal scope for a deeper retracement - this would open 4.9984, the Apr 10 low. Key short-term resistance has been defined at 5.1969, the Apr 30 high. Clearance of this hurdle would be bullish.
  • The current bear cycle in USDCLP remains in play and the pair is again trading lower today. The recent break of support at 935.63, the Mar 15 low, marked an important technical break and highlighted a stronger reversal. Sights are on 886.96, the 76.4% retracement of the Dec 1 ‘23 - Feb 26 bull leg. Initial key short-term resistance has been defined at 937.44, the 20-day EMA.
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.