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Free AccessPrice Signal Summary: USDCLP Trend Needle Still Points South
- USDMXN continues to trade at its recent lows and the downtrend remains firmly in place. This week’s continuation lower, together with the recent break of 20.00, reinforces this condition. The focus is on 19.7059, the Jun 25, 2021 low. Resistance to watch is at 20.3145, the 20-day EMA.
- USDBRL is consolidating but remains bearish - this week’s consolidation appears to be a bear flag formation. The recent key break was the move through 4.8187, Jun 2020 low and the base of the broad range that has dominated since the price peak in May 2020. The breach of this support reinforces the current bearish theme and from a medium-term perspective, suggests a significant reversal. The next objective is 4.6451, the Mar 13 2020 low. The 20-day EMA at 4.9206 marks resistance.
- USDCLP remains above Tuesday's low of 771.89. The trend is bearish and short-term gains are considered corrective. The pair traded lower on Mar 25 and importantly, cleared support at 783.51, the Feb 23 low and the bear trigger. The break confirms a resumption of the primary downtrend. Moving average studies continue to point south too, highlighting the current trend direction. Initial resistance is seen at 803.18, the 50-day EMA. A resumption of weakness would open 761.31, 61.8% of the rally between May - Dec 2021.
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Why MNI
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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.