FREELAND: CANADA WON'T ESCALATE OR BACK DOWN ON US TRADE FIGHT

MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI BRIEF: China Nov M1 Decline Narrows, M2 Slows

EZ/UK T-Bill Calendar: 8/13/28/50-Week BTF Auction on Monday

EZ/UK Bond Supply Calendar: 4.125% Jul-29 Gilt Due on Tuesday

MNI: CANADA OCT WHOLESALE SALES +3.3%; EX-AUTOS +0.5%

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Price Signal Summary - USDMXN Heads South

LATAM FX
  • The trend direction in USDMXN is unchanged and remains bearish. Yesterday's sell-off reinforces current conditions and once again marked a resumption of the current downtrend. This maintains the price sequence of lower lows and lower highs and note too that moving average studies are in a bear mode position, highlighting a clear downtrend. The move lower opens 16.2159, the 1.50 projection of the Dec 5 - Jan 8 - Jan 17 price swing. The 1.618 projection lies at 16.1238. On the upside, key resistance is at 16.6351, the 20-day EMA.
  • A bullish theme in USDBRL remains intact and last week’s cycle high, reinforces current conditions. The latest outback is considered corrective. Resistance at 5.0548, the Mar 19 high has been breached and this highlights a resumption of the uptrend that started Dec 27. Furthermore, 5.0609, 61.8% of the Oct 6 - Dec 27 bear leg, has also been cleared. A continuation higher would open 5.0983, the Oct 20 ‘23 high ahead of the 76.4% retracement point at 5.1218. The 50-day EMA - at 4.9832 - marks the key support. A clear break of this EMA would threaten bullish conditions and expose 4.9187, the Feb 22 low.
  • The USDCLP medium-term trend condition remains bullish. The latest pullback is considered corrective - for now - and support to watch lies at 935.63, the Mar 15 low. A clear break of this level would highlight a stronger reversal and signal scope for an extension towards 922.80 initially, 50.0% of the Dec 1 ‘23 - Feb 26 bull leg. On the upside, a break of resistance and the bull trigger at 990.67, the Feb 26 high, would confirm a resumption of the uptrend and open 1000.00. Initial firm resistance is at 963.43, the 20-day EMA.
EM BulletHomepagemarkets-real-timeBulletEmerging Market News
EM BulletHomepagemarkets-real-timeBulletEmerging Market News

To read the full story

Close

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.