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LATAM FX: Price Signal Summary - USDBRL Rallies To A Fresh Cycle High

LATAM FX
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  • The trend condition in USDMXN is unchanged and remains bullish. However, attention is on the Nov 6 pullback and the follow through on Nov 7. This continues to highlight a possible short-term top and therefore a bearish threat. Price has traded through the 20-day EMA, exposing support at the 50-day EMA, at 19.9611. A clear breach of the 50-day EMA, would signal potential for a deeper retracement towards 19.0666, the Sep 18 low. Resistance to watch is at 20.8072, the Nov 6 high (pierced). Clearance of this hurdle would confirm a resumption of the uptrend. This would open the 21.00 handle.                                                
  • USDBRL traded sharply higher yesterday and has also delivered a fresh cycle high today. The rally confirms a resumption of the uptrend and confirms a breach of resistance at 5.8750, the Nov 1 high. Sights are on the 6.00 handle and a break of this psychological level would open 6.0257, the 2.00 projection of the Aug 19 - 30 - Sep 19 price swing. The 2.236 projection is at 6.1000. Support levels to watch are; 5.7754, the 20-day EMA, and 5.6916, the 50-day EMA.           
  • A bull cycle in USDCLP remains in play and the pair is trading closer to its recent highs. Resistance at 966.61, the Aug 5 high and a key short-term hurdle for bulls, has recently been breached. This opens 990.67, the Feb 26 high, ahead of the psychological 1000.00 handle. Initial firm support lies at 969.64 the 20-day EMA. A break would expose 954.62, the 50-day EMA.
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  • The trend condition in USDMXN is unchanged and remains bullish. However, attention is on the Nov 6 pullback and the follow through on Nov 7. This continues to highlight a possible short-term top and therefore a bearish threat. Price has traded through the 20-day EMA, exposing support at the 50-day EMA, at 19.9611. A clear breach of the 50-day EMA, would signal potential for a deeper retracement towards 19.0666, the Sep 18 low. Resistance to watch is at 20.8072, the Nov 6 high (pierced). Clearance of this hurdle would confirm a resumption of the uptrend. This would open the 21.00 handle.                                                
  • USDBRL traded sharply higher yesterday and has also delivered a fresh cycle high today. The rally confirms a resumption of the uptrend and confirms a breach of resistance at 5.8750, the Nov 1 high. Sights are on the 6.00 handle and a break of this psychological level would open 6.0257, the 2.00 projection of the Aug 19 - 30 - Sep 19 price swing. The 2.236 projection is at 6.1000. Support levels to watch are; 5.7754, the 20-day EMA, and 5.6916, the 50-day EMA.           
  • A bull cycle in USDCLP remains in play and the pair is trading closer to its recent highs. Resistance at 966.61, the Aug 5 high and a key short-term hurdle for bulls, has recently been breached. This opens 990.67, the Feb 26 high, ahead of the psychological 1000.00 handle. Initial firm support lies at 969.64 the 20-day EMA. A break would expose 954.62, the 50-day EMA.