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Futures Ticking Lower


Goldman: Still A Hard Bar To Beat


Softer Start (Updated)


Softer Start

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  • USDMXN is weaker today and the trend direction remains down with resistance defined at 20.3270, May 4 high.
    • A recent break of trendline support drawn off the Jan 21 low and a move through the Mar 18 low of 20.2829, a former key support, highlights a bearish theme.
    • Furthermore, support at 19.8924, Feb 15 low was breached on Apr 15.
    • This signals scope for 19.5494, Jan 21 low.
  • USDBRL maintains a bearish tone as the pair extends the current bearish cycle. A recent break of trendline support drawn off the Dec 14, 2020 low and a bearish triangle breakout on Apr 19 highlights a bearish theme. The pair has also cleared 5.3406, 61.8% of the Dec - Mar rally and is testing the 76.4% level at 5.2145. A clear break lower would open 5.1210, the Jan 4 low.
    • A firm near-term resistance is at 5.4837, May 4 high.
  • USDCLP short-term outlook remains bearish. The pair traded lower last week and price has started this week on a softer note. Support at 693.00, the Jan 6 low has been breached. This confirms a resumption of the broader downtrend and signals scope for weakness towards 686.05, 1.618 projection of the Oct 15 - Nov 9 - Nov 24 price swing.
    • 715.36, Apr 23 high is key resistance.
MNI London Bureau | +44 203-586-3805 |
MNI London Bureau | +44 203-586-3805 |

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