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Free AccessTECHS: LatAm FX Price Signal Summary: USDBRL Bears Pause For Breath
- USDMXN has found some support this week at 19.7197, yesterday's low. The trend direction remains down with key resistance defined at 20.3270, May 4 high. A bearish theme follows the sell-off from Mar 8 and a price sequence of lower lows and lower high dominates. An extension lower would strengthen the bearish case and open 19.5494, the Jan 21 low and a primary support.
- USDBRL is consolidating but maintains a bearish tone. The break in mid-April of trendline support drawn off the Dec 14, 2020 low followed by a bearish triangle breakout highlights a bearish theme. 5.2145, 76.4% retracement of the Dec - Mar rally, has held but remains exposed. A clear break would open 5.1210, the Jan 4 low.
- A firm near-term resistance is at 5.4837, May 4 high. Initial resistance is at 5.3585, the 20-day EMA.
- USDCLP gapped higher at Monday's open. As a result, resistance at 715.36, Apr 23 high was cleared and technically this highlights a short-term reversal. If the USD is able to hold onto gains and extend higher, this would open 728.00, the Mar 31 high. The gap low of 706.45, May 14 high is a firm short-term support and remains intact.
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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.