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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.
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EM BulletHomepagemarkets-real-timeBulletEmerging Markets News

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