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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.
EMERGING MARKETS
- USDMXN maintains a bearish tone and traded lower again yesterday.
- A bearish theme follows the recent clear break on Mar 31 of trendline support drawn off the Jan 21 low.
- The pair has also cleared the Mar 18 low of 20.2829 - a former key support level and this strengthens a bearish argument. The focus is on 19.8924, Feb 15 low. A break would open 19.5494, Jan 21 low.
- On the upside, resistance is at 20.3805, Apr 5 high.
- USDBRL has pulled back from recent highs.
- The pair last week traded below trendline support drawn off the Dec 14 low but has failed to confirm a clear break to signal a stronger reversal and expose support at 5.4499.
- Note too that price action since Mar 9 appears to be trading within a triangle. This pattern is potentially a bullish one - a break of 5.7558, Apr 13 high would confirm a bullish pattern breakout and signal scope for a climb towards 5.8743, Mar 9 high and a key resistance.
- Key near-term support is unchanged at 5.5396, Apr 8 low.
- USDCLP remains weak and is trending lower. The pair has probed a key support at 699.19, Feb 24 low. This signals scope for weakness towards the primary support at 693.00, Jan 6 low. A break of this level would confirm a resumption of the broader downtrend that started March 2020. Initial resistance is at 714.50, Apr 13 high.
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.
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