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EMERGING MARKETS: LATAM FX Price Signal Summary - USDBRL Support Remains Exposed

EMERGING MARKETS
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  • USDMXN continues to trade below its recent highs. The latest move down is considered corrective and the next key support to watch lies at 19.0839, the 50-day EMA. A clear break of this average would undermine a bullish theme and expose 18.5999, the Aug 16 low. For bulls, a resumption of gains would refocus attention on key resistance and the bull trigger at 20.2181, the Aug 5 high. Clearance of this level would confirm a resumption of the uptrend and open 20.7642, the 76.4% retracement of the bear leg between Nov ‘21 and Apr this year. Initial resistance is 19.4490, the 20-day EMA.                                            
  • The latest pullback in USDBRL has resulted in a move through the 50-day EMA. It is still possible that the sell-off is a correction, however, the break of the average does signal scope for a deeper retracement and the contract remains soft. Attention is on the next key support at 5.3768, the Aug 19 low. Clearance of this support would strengthen a bearish theme and open 5.2405, the Jun 6 low. For bulls, a reversal higher would refocus attention on resistance at 5.6917, the Aug 30 high.  
  • USDCLP has pulled back from its recent highs and this has resulted in a move below both the 20- and 50-day EMAs. The sell-off undermines the recent bullish theme and a continuation lower would expose support at 904.48, the Aug 26 low. For bulls, a reversal and a break of resistance at 951.80, the Sep 10 high, would reinstate a bullish theme.
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  • USDMXN continues to trade below its recent highs. The latest move down is considered corrective and the next key support to watch lies at 19.0839, the 50-day EMA. A clear break of this average would undermine a bullish theme and expose 18.5999, the Aug 16 low. For bulls, a resumption of gains would refocus attention on key resistance and the bull trigger at 20.2181, the Aug 5 high. Clearance of this level would confirm a resumption of the uptrend and open 20.7642, the 76.4% retracement of the bear leg between Nov ‘21 and Apr this year. Initial resistance is 19.4490, the 20-day EMA.                                            
  • The latest pullback in USDBRL has resulted in a move through the 50-day EMA. It is still possible that the sell-off is a correction, however, the break of the average does signal scope for a deeper retracement and the contract remains soft. Attention is on the next key support at 5.3768, the Aug 19 low. Clearance of this support would strengthen a bearish theme and open 5.2405, the Jun 6 low. For bulls, a reversal higher would refocus attention on resistance at 5.6917, the Aug 30 high.  
  • USDCLP has pulled back from its recent highs and this has resulted in a move below both the 20- and 50-day EMAs. The sell-off undermines the recent bullish theme and a continuation lower would expose support at 904.48, the Aug 26 low. For bulls, a reversal and a break of resistance at 951.80, the Sep 10 high, would reinstate a bullish theme.