CHILE: USDCLP Rises 1.2% Amid Slide In Copper Prices And Dovish BCCh

• RES 4: 5896.39 50-day EMA 
• RES 3: 5837.25 High Mar 25 and a key resistance    
• RES 2: 5778.68 20-day EMA
• RES 1: 5651.25 Low Mar 21                       
• PRICE: 5573.25 @ 14:13 BST Mar 31  
• SUP 1: 5559.75/52.00 Low Mar 13 and the bear trigger / Intraday low                   
• SUP 2: 5500.00 Round number support 
• SUP 3: 5483.50 2.00 proj of the Dec 6 ‘24 - Jan 13 - Feb 19 swing
• SUP 4: 5396.00 2.236 proj of the Dec 6 ‘24 - Jan 13 - Feb 19 swing

S&P E-Minis traded sharply lower Friday and the contract maintains a softer tone. Attention is on key support and the bear trigger at 5559.75, the Mar 13 low. It has been pierced, a clear break of it would confirm a resumption of the downtrend that started Feb 19, and open 5483.30, a Fibonacci projection. MA studies are in a bear-mode position, highlighting a dominant downtrend. Key short-term resistance has been defined at 5837.25, the Mar 25 high.

Euro Stoxx 50 futures only managed a limited break of next support at 5,160.00, basing at 5,157.00 before recovering to ~5,190.00.

• News flow remains relatively limited, with tariff worry and cross-market cues dominating for much of the day.

• The strong rally for EURAUD in recent weeks has seen the cross rise the best part of 6% from the late February lows. While spot had been moderately unwinding this steep appreciation across late March, prompting a drift back to the 1.7050 region, the subsequent resumption of gains (up 0.62% today) keeps the underlying bullish trend firmly intact.
• This has been highlighted by the inability to close back below the 20-day exponential moving average, which was briefly pierced last week. This average moves up to 1.7110 and continues to mark initial support for the cross.
• On the topside, 1.7419 (March 11 high) is the key level, a breach of which would place EURAUD at levels not seen since the early onset of the pandemic in 2020. Above here, 1.7694 represents the next resistance, the 61.8% Fibonacci retracement of the 2020-2022 downswing.
• A reminder that we have the RBA meeting during the APAC session on Tuesday. Our full preview of the decision is here: https://mni.marketnews.com/42nEpYC