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Late Equity Roundup: Mildly Lower on Week

USDCAD TECHS

Remains Above The 50-Day EMA

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EMERGING MARKETS
  • USDMXN is firmer and pulling away from the key short-term trendline support drawn off the Jan 21 low. The line intersects at 20.4629 and a clear break, together with a move through last week's low of 20.2829, on Mar 18, is needed to strengthen a bearish argument. This would open 19.8924, the Feb 15 low. The next resistance is at 21.1189, 61.8% of the Mar 8 - 18 sell-off.
  • USDBRL has rebounded off recent lows and defined a key support at 5.4499, Mar 19 low. Although trendline support, drawn off the Dec 14 low, and the 50-day EMA have recently been tested, both have essentially remained intact, preventing a deeper sell-off. Attention turns to resistance at 5.6827, Mar 17 high and 5.7122, 61.8% of the decline between Mar 9 - 19. A breach of both the levels would strengthen a bullish case. A move below 5.4499 would reinstate a bearish threat.
  • USDCLP is firmer but still 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 | taso.anastasiou.ext@marketnews.com
MNI London Bureau | +44 203-586-3805 | taso.anastasiou.ext@marketnews.com

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