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MNI DATA FORECASTS: EZ Inflation, US Payrolls In Focus
Price Signal Summary - USDMXN Resumes Its Downtrend
- The trend outlook in USDMXN is bearish and today’s strong sell-off reinforces this condition. The break of support at 19.2509, the Nov 15 low, has confirmed a resumption of the broader downtrend that started in Nov 2021. Note that moving average studies are in a clear bear mode position, highlighting current market sentiment. The focus is on 19.00. A break of this level would pave the way for weakness towards 18.5237 further out, the 2020 low. Initial resistance is seen at 19.4907, the 20-day EMA.
- USDBRL remains below its recent highs. The pair recently breached resistance at 5.4286, the Sep 29 high and pierced 5.5142, the Jul 21 high and a medium-term bull trigger. A clear break of the latter would cancel a bearish theme and instead signal scope for a stronger move higher near-term. This would open 5.5823, the Jan 18 high. Initial firm support is unchanged at 5.2445, the Nov 10 low.
- USDCLP continues to trade below its recent highs. Resistance to watch is 958.44, the Nov 3 high. A break of this level would signal scope for a stronger recovery and expose 996.97, the Sep 26 high. On the downside, key support and the bear trigger lies at 880.85, the Nov 11 low.
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