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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.
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MNI POLITICAL RISK ANALYSIS - Week Ahead 28 Oct-3 Nov
Price Signal Summary - USDMXN Pullback Appears To Be A Correction
- The current bull cycle in USDMXN remains in play and the pullback from the Jun 12 high is considered corrective. The latest rally cancels a recent bearish theme and resulted in a break of 18.2137, the Apr 19 high.. A resumption of gains would open the 19.00 handle and if this level gives way, it would expose 19.2083, the 50.0% retracement point of the Nov 26 ‘21 - Apr 9 ‘24 bear cycle. Support to watch lies at 17.9673, the 20-day EMA.
- USDBRL bulls remain in the driver’s seat and the pair traded to a fresh cycle high once again, Wednesday. Recent gains have resulted in a break of key resistance at 5.2869, the Apr 16 high and a bull trigger. The clear break of this hurdle confirms a resumption of the uptrend and opens 5.5296, the Nov 17 2022 high and a key resistance. On the downside, initial support to watch lies at 5.3270, the 20-day EMA.
- USDCLP has recently traded above the 50-day EMA - at 927.15. This strengthens the short-term bullish condition and signals scope for a stronger recovery near-term. Scope is seen for a climb towards 948.30, 61.8% of the bear leg between Apr 16 and May 20. Clearance of this retracement point would further strengthen a bullish condition. Note that moving average studies remain in a bear-mode position. This suggests that the recent recovery is likely a correction. First support to watch lies at 900.00, the May 6 low. The key support and bear trigger lies at 881.73, the May 20 low.
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