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BOE

Press Conference Begins

COPPER TECHS

(N1) Still Heading North

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  • USDMXN is consolidating and the outlook is unchanged - a bearish tone remains intact.
    • The trend lower has resulted in a break of trendline support drawn off the Jan 21 low. Also, price has traded through the Mar 18 low of 20.2829, a former key support. The break strengthens a bearish argument and last week, support at 19.8924, Feb 15 low was breached. The focus is on 19.5494, Jan 21 low.
    • On the upside, resistance is at 20.2427, Apr 13 high.
  • USDBRL remains soft following last week's move lower. The pair has breached support at 5.5396, Apr 8 low and has probed 5.4499, Mar low. This reinforces bearish conditions and signals scope for a move towards 5.3406, 61.8% retracement of the Dec - Mar rally. A recent break of trendline support drawn off the Dec 14, 2020 low and a bearish triangle breakout last week also highlight the current bearish theme. Key near-term resistance is at 5.6771, Apr 16 high.
  • USDCLP gapped higher Apr 22 however despite this, the outlook remains bearish. Price last week traded below 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 and would open 686.05, 1.618 projection of the Oct 15 - Nov 9 - Nov 24 price swing. The 50-day EMA intersects at 717.07. A clear break of the average would alter the picture.