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Free AccessPrice Signal Summary: USDCLP Tests The 50-Day EMA
- No change in the USDMXN trend condition. The outlook remains bearish and short-term gains are considered corrective. Last week’s continuation lower, together with the recent break below 20.00, reinforced a bearish condition. Moving average studies remain in a bear mode, highlighting current sentiment. The focus is on 19.7059, the Jun 25, 2021 low. Resistance to watch is at 20.2018, the 20-day EMA ahead of 20.3991, the 50-day EMA.
- USDBRL remains in a downtrend. The break lower on Apr 1 marked a resumption of the downtrend and confirmed a bear flag formation on the daily chart. 4.6000 has been probed and this opens 4.5439 next, 1.236 projection of the Mar - Jun - Dec 2021 price swing. The 20-day EMA at 4.8340 remains the key short-term resistance.
- USDCLP has traded higher over the past 2 sessions. Short-term gains are considered corrective and the pair is testing a firm resistance at the 50-day EMA that intersects 800.87 today. The primary trend is bearish. The pair traded lower last week and cleared support at 783.51, the Feb 23 low and the bear trigger. This confirms a resumption of the primary downtrend and a resumption of weakness would open 761.31, 61.8% of the rally between May - Dec 2021. A clear breach of the 50-day EMA would potentially alter the picture.
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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.