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Price Signal Summary: USDBRL Gains Considered Corrective

LATAM FX
  • USDMXN traded high last week and has reached a fresh short-term high of 20.4856 today. Recent gains have resulted in a break of 20.1950, Apr 6 high, and price has also traded above the 50-day EMA - a bullish development. Note too that a double bottom reversal pattern has also been confirmed on the daily chart, reinforcing a short-term bull theme. Attention is on the 50.0% Fibonacci retracement of the Mar-Apr range, at 20.5975. Clearance of this level would open 20.8028, the 61.8% retracement. Key support has been defined at 19.7274, the Apr 4 low.
  • USDBRL is firmer following Friday’s gains. A move higher is considered corrective though. The primary trend direction is unchanged and points south. The break lower on Apr 1 marked a resumption of the downtrend. 4.6000 has been probed and attention is on 4.5439 next, the 1.236 projection of the Mar - Jun - Dec 2021 price swing. Firm resistance is seen at 4.9246, the 50-day EMA.
  • USDCLP has gapped higher once again, at today’s open. Recent gains have resulted in a break of resistance at 823.72, Apr 11 high, and confirms an extension of the current bull cycle that started on Mar 29. This has exposed 851.54, the 76.4% retracement of the downleg between Dec 20 - Mar 29. Clearance of this retracement would open the 860.00 handle and above. Firm support has been defined at 799.53, the Apr 13 low. Initial support lies at 823.72.
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