MNI China Daily Summary: Wednesday, April 3

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Price Signal Summary - USDMXN Correction Extends

LATAM FX
  • USDMXN maintains a firmer tone following recent gains and the latest pullback is considered corrective. The 20- and 50-day EMAs have been breached and 19.00 has recently been pierced. The next key short-term resistance is at 19.2906, the Feb 6 high. A break would pave the way for strength towards the 19.50 handle and 19.5882, the Dec 30 high. On the downside, price has pierced support at the 20-day EMA which intersects at 18.5664. The next support lies at 18.2397, the Mar 13 low.
  • Short-term conditions USDBRL remain bullish. Price action on Mar 15 resulted in a test above resistance at 5.3073, the Feb 10 high and a key hurdle for bulls. This opens 5.3518 next, the 76.4% retracement of the Jan 4 - Feb 2 bear leg, ahead of the 5.4000 handle. Key support to watch lies at 5.1012, the Mar 8 low. A break of this level would instead signal scope for a return to 4.9410, the Feb 2 low. Initial support lies at 5.2066, the 50-day EMA.
  • USDCLP remains above the Mar 7 low of 789.00. Key short-term resistance is at 836.45, the Feb 27 high. This hurdle has recently been pierced, a clear break would reinstate a bullish theme and highlight scope for a stronger recovery. This would open 850.00 and 860.58, the 38.2% retracement of the Sep 26 - Feb 3 bear leg. A break of 776.28, the Feb 3 low, would resume the medium-term downtrend.
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