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Price Signal Summary: USDMXN Bulls Eyeing Key Resistance

LATAM FX
  • USDMXN continues to recover, extending the bounce that started from 20.1196, Oct 26 low. The move higher has cleared a number of key resistance points and today's follow through opens key resistance at 20.9031, Oct 12 high. On the downside, initial support is seen at 20.3611, the 20-day EMA.
  • USDBRL remains below its recent high of 5.7542 on Oct 22. The trend outlook is bullish. Trend signals such as moving average studies continue to point north and a price sequence of higher highs and higher lows remains intact. Scope is seen for an extension towards 5.7558, the Apr 13 high and 5.8064, the Mar 29 high. Key trend support has been defined at 5.4342, Oct 15 low. Initial support is seen at 5.5357, the 20-day EMA.

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