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LATAM FX: Price Signal Summary - USDMXN Remains Above Support       

LATAM FX
  • A bullish theme in USDMXN remains intact following the rally between Jul 12 and Aug 5. The latest pullback appears to be a correction. Price has traded through the 20.00 handle, a clear break of this level would pave the way for an extension towards 20.7642, the 76.4% retracement of the bear leg between Nov ‘21 and Apr this year. Initial short-term objectives are 19.4090 and 19.5999, the 50.0% and 61.8% retracement points of the sell-off between Aug 5 - Aug 16.     Support to watch lies at the 50-day EMA, at 18.3818. A clear break of the 50-day average would undermine the bullish theme.                                          
  • Bullish conditions in USDBRL remain intact and the latest pullback is considered corrective. However, support at 5.4867, the 50-day EMA, has been breached. A clear break would undermine a bull theme and signal potential for a deeper retracement towards 5.3709, the Jul 11 low and the next important support. A reversal higher would signal the end of the correction and refocus attention on key resistance and the bull trigger at 5.8551, the Aug 5 high. Initial firm resistance is 5.5300, the 20-day EMA, ahead of 4.6545, the Aug 8 high. 
  • USDCLP has pulled back from its Aug 5 high of 966.61. The move - for now - appears to be a correction. However, price has traded through a key support at 929.78, the Aug 1 low. The breach highlights potential for a deeper retracement towards 902.00, the Jul 11 low. For bulls, a reversal higher would refocus attention on key resistance and the bull trigger at 966.61, the Aug 5 high. Initial firm resistance is 940.53, the Aug 16 high.
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