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(H2) Consolidation Mode


Kiwi Holds Steady Amid Omicron Outbreak

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  • USDMXN maintains a softer tone.
    • A bearish theme follows last week's clear break of trendline support drawn off the Jan 21 low, highlighting scope for a deeper pullback.
    • The pair has also cleared the Mar 18 low of 20.2829 - a former key support level. The breach strengthens a bearish argument and exposes the 20.00 handle.
    • On the upside, resistance is seen at 20.4974, Apr 1 high.
  • The USDBRL outlook remains bullish, however this theme continues to be threatened. The pair has traded below trendline support drawn off the Dec 14 low - the trendline intersects at 5.6160 today. A clear break of the line would signal a potentially stronger reversal and expose support at 5.4499. Key resistance is unchanged at 5.8064, Mar 29 high.
  • USDCLP is softer and still trading below resistance at 743.10, Mar 8 high. Support at 713.97, Mar 22 low has been probed. A clear break is required to reinstate a bearish threat and open 699.19, Feb 24 low. On the upside, a move above 743.10, Mar 8 high would highlight a bullish development and expose 751.20, Jan 13 high.
MNI London Bureau | +44 203-586-3805 |
MNI London Bureau | +44 203-586-3805 |
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