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(M2) Correction Extends


Late Session Rebound


(M2) Corrective Cycle Remains In Play


(M2) Gains Still Considered Corrective

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  • USDMXN key short-term trendline support drawn off the Jan 21 low remains intact. The line intersects at 20.4223. A clear break of this line together with a move through last week's low of 20.2829, on Mar 18, would strengthen a bearish argument and open 19.8924, the Feb 15 low. Resistance has been defined at 20.9322, Mar 12 high.
  • USDBRL continues to pressure trendline support and the 50-day EMA. The trendline is drawn off the Dec 14 low and intersects at 5.5307 while the 50-day EMA is at 5.4931. Friday's low is 5.4499 where a clear break would also confirm a breach of the trendline and the moving average. This would open 5.3913, Feb 24 low. On the upside, resistance is at 5.6827, Mar 17 high.
  • USDCLP remains below 743.10, Mar 8 high. A deeper pullback would risk a move towards support at 699.19, Feb 24 low. Key resistance and the bull trigger is unchanged at 743.10. Clearance of this level would highlight potential for a stronger rally.
MNI London Bureau | +44 203-586-3805 |
MNI London Bureau | +44 203-586-3805 |

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