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SOY TECHS

(X2) Bearish Threat Remains Present

EQUITIES

US cash opening calls

USD

Further push lower for the EUR and GBP

OPEC+

Producers Agree To 2mn bpd Output Cut

OIL

Crude Higher As JMMC Recommend 2mbpd Cut

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LATAM FX
  • USDMXN remains below its recent high of 20.6378 on Apr 28. A bullish theme remains intact - recent gains have resulted in a break of 20.1950, the Apr 6 high. Note too that a double bottom reversal pattern was confirmed in April on the daily chart, reinforcing a short-term bullish theme. A resumption of gains would refocus attention on 50.0% Fibonacci retracement of the Mar-Apr range, at 20.5975. This level has been probed, a clear break would open 20.8028, the 61.8% retracement. Key support has been defined at 19.7274, the Apr 4 low. A break would reinstate a bearish theme.
  • USDBRL remains above 4.8597, the Apr 29 low. The recovery from this low has resulted in a break of the Apr 28 high of 5.0448, to signal a resumption of bullish activity. The move higher also threatens the recent dominant bear cycle - signalling potential for a stronger short-term bull cycle. This has opened 5.1689, the Mar 15 high. Initial support lies at 4.8597.
  • USDCLP maintains a firmer tone and is holding on to the bulk of its recent gains. The recent rally resulted in a break of resistance at 823.72, Apr 11 high, and this confirmed an extension of the current bull cycle that started Mar 29. Potential is seen for a clear break of the 860.00 handle, which has been probed, to open 876.15, the Dec 20 high. Firm support has been defined at 799.53, the Apr 13 low. Initial support lies at 823.72.

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