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Trend Needle Still Points South


German supply and EU Final CPI


(N2) Holding On To The Bulk Of Its Recent Gains


Corrective Pullback Extends

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  • USDMXN remains above its key short-term trendline support drawn off the Jan 21 low. The line intersects at 20.5035 and a clear break, together with a move through the Mar 18 low of 20.2829 is needed to strengthen a bearish argument. This would open 19.8924, the Feb 15 low. Resistance is at 20.9695, Mar 24 high.
  • USDBRL remains firm following last week's strong gains. Attention is on 5.7741, 76.4% of the sell-off between Mar 9 - 19. This level has been tested today, a clear break would open 5.8743, Mar 9 high. A move below 5.4499 is required to reinstate a bearish threat. Initial support lies at 5.5932, the 20-day EMA.
  • USDCLP remains below 743.10, Mar 8 high. Support has been defined at 713.97, Mar 22 low where a break is required to reinstate a bearish threat. On the upside, clearance of 743.10, Mar 8 high would expose 751.20, Jan 13 high.
MNI London Bureau | +44 203-586-3805 |
MNI London Bureau | +44 203-586-3805 |

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