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Price Signal Summary: Fresh Cycle Low In USDBRL

LATAM FX
  • USDMXN traded lower last week and maintains a bearish theme. The pullback has resulted in a break of all the main retracement points of the rally between Feb 23 - Mar 8. The recent setback exposes the next key support at 20.1577, the Feb 23 low. Initial firm resistance is seen at 21.0648, the Mar 10 high ahead of the bull trigger at 21.4676, the Mar 8 high.
  • USDBRL has started the week on a softer note. The pair has probed 4.9846, the Mar 11 low and an important bear trigger. Trend signals, such as moving average studies, remain bearish and a clear break of 4.9846 would confirm a resumption of the downtrend. This would open 4.8934, the Jun 25, 2021 low. Key short-term resistance is unchanged at 5.2190, the Mar 2 high.
  • USDCLP is unchanged and still trading sideways, inside its recent range. The pair remains below the Feb 24 high of 824.50. Trend conditions are bearish and short-term gains are considered corrective. Firm resistance is at 832.75, the Feb 7 high. The bear trigger is 783.51, Feb 23 low. A break would open 783.23, 50.0% of the May - Dec 2021 upleg ahead of the 780.00 handle initially.
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