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(M2) Correction Extends


Late Session Rebound


(M2) Corrective Cycle Remains In Play


(M2) Gains Still Considered Corrective

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  • USDMXN remains above recent lows. The outlook is unchanged though and the trend remains down. This theme follows the sell-off since Nov 26. Short-lived corrective spells during this downtrend clearly highlight bearish sentiment. Furthermore, a sequence of lower lows and lower highs remains intact. Attention is on 20.2517, Nov 9 low and 20.1196, Oct 26 low. The latter is a key support. On the upside, resistance is seen at 20.7603, Jan 6 high where a break would signal a base and confirm a break of the 50-day EMA.
  • USDBRL traded lower again yesterday and this week, has cleared the 5.50 handle. The break lower confirms a resumption of the current bear leg and maintains a bearish price sequence of lower lows and lower highs. The focus is on 5.3885 next (probed yesterday), the Nov 11 low. A clear break would open 5.3249, 50.0% of the Jun - Oct rally last year. Key short-term resistance has been defined at 5.5823, Jan 18 high.
  • USDCLP is weaker once again today as the current bear leg extends. Attention is on support at 788.22, the Nov 10 low ahead of 783.23, the 50.0% retracement of the May - Dec 2021 upleg. Recent weakness resulted in a breach of trendline support drawn from the May 10, 2021 low and a break of the 50-day EMA. The continued sell-off reinforces the importance of these breaks. Initial firm resistance is seen at 829.18 the 20-day EMA.
MNI London Bureau | +44 203-586-3805 |
MNI London Bureau | +44 203-586-3805 |

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