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LATAM FX: Price Signal Summary - USDCLP Gains Still Appear Corrective

LATAM FX
EM BulletBulletGlobalEmerging Market NewsRegion
  • USDMXN continues to trade below the August and September highs. The Sep 11 - 18 bear leg is considered corrective and the next key support to watch lies at 19.2309, the 50-day EMA. It has been pierced today. A clear break of this average would undermine a bullish theme and expose 18.5999, the Aug 16 low. The next support is 19.0666, the Sep 18 low. For bulls, a resumption of gains would refocus attention on key resistance and the bull trigger at 20.2181, the Aug 5 high. First resistance and a key short-term hurdle for bulls, is at 19.8295, the Oct 1 high.                                             
  • The latest pullback in USDBRL 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 50-day average does signal scope for a deeper retracement. Note too that the cross continues to trade closer to its recent lows. Attention is on the next key support at 5.3768, the Aug 19 low. Clearance of this support would strengthen a bearish threat and open 5.2405, the Jun 6 low. For bulls, a stronger recovery would refocus attention on resistance at 5.6917, the Aug 30 high and a bull trigger. Initial resistance is 5.5971, the Sep 23 high.   
  • A bear cycle in USDCLP remains in play. The move lower that started Sep 10, resulted in the break of two important support points; 904.48, the Aug 26 low, and 902.00, the Jul 11 low. This signals scope for an extension towards the next key support at 881.73, the May 20 low. The latest strong recovery, from the Sep 27 low, is considered corrective. Initial firm resistance is seen at 924.58, the 50-day EMA.  The average has been pierced, however, a clear break of it is required to signal scope for a stronger rally. This would open 940.00 and 951.80, the Sep 10 high.
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  • USDMXN continues to trade below the August and September highs. The Sep 11 - 18 bear leg is considered corrective and the next key support to watch lies at 19.2309, the 50-day EMA. It has been pierced today. A clear break of this average would undermine a bullish theme and expose 18.5999, the Aug 16 low. The next support is 19.0666, the Sep 18 low. For bulls, a resumption of gains would refocus attention on key resistance and the bull trigger at 20.2181, the Aug 5 high. First resistance and a key short-term hurdle for bulls, is at 19.8295, the Oct 1 high.                                             
  • The latest pullback in USDBRL 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 50-day average does signal scope for a deeper retracement. Note too that the cross continues to trade closer to its recent lows. Attention is on the next key support at 5.3768, the Aug 19 low. Clearance of this support would strengthen a bearish threat and open 5.2405, the Jun 6 low. For bulls, a stronger recovery would refocus attention on resistance at 5.6917, the Aug 30 high and a bull trigger. Initial resistance is 5.5971, the Sep 23 high.   
  • A bear cycle in USDCLP remains in play. The move lower that started Sep 10, resulted in the break of two important support points; 904.48, the Aug 26 low, and 902.00, the Jul 11 low. This signals scope for an extension towards the next key support at 881.73, the May 20 low. The latest strong recovery, from the Sep 27 low, is considered corrective. Initial firm resistance is seen at 924.58, the 50-day EMA.  The average has been pierced, however, a clear break of it is required to signal scope for a stronger rally. This would open 940.00 and 951.80, the Sep 10 high.