Free Trial

Price Signal Summary: USDMXN Trades Through A Key Support

LATAM FX
  • USDMXN remains in an uptrend. The current corrective pullback however is still playing out and support at 20.9790, the Nov 3 high has been cleared. The break signals scope for a deeper pullback and opens the 50-day EMA at 20.7903 and 20.7009, the 76.4% retracement of the Nov 9 - 26 rally. Initial firm resistance to watch is 21.5147, Dec 1 high. A break would signal a reversal.
  • The USDBRL short-term outlook remains bullish. Firm support is unchanged at 5.3885, Nov 11 low with the bull channel base intersecting at 5.4410. The channel is drawn off the Jun 25 low. Clearance of these two levels is required to suggest potential for a stronger sell-off that would expose 5.20. The focus remains on the channel top, today at 5.8327.

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.