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Price Signal Summary: Another Cycle Low In USDBRL

LATAM FX
  • No change in USDMXN and the pair continues to trade at its recent lows with the downtrend remaining firmly in place. Last week’s continuation lower, together with the recent break of 20.00, reinforced a bearish condition. The focus is on 19.7059, the Jun 25, 2021 low. Resistance to watch is at 20.2706, the 20-day EMA.
  • USDBRL remains bearish and Friday’s and today's resumption of the downtrend sets the scene for more downside near-term. The break lower also confirmed a bear flag formation on the daily chart. The next objective of 4.6451, the Mar 13 2020 low, has been reached and this opens the 4.6000 handle. The 20-day EMA at 4.8957 remains the key short-term resistance.
  • USDCLP remains above the Mar 29 low of 771.89. The trend is bearish and short-term gains are considered corrective. The pair traded lower last week and cleared support at 783.51, the Feb 23 low and the bear trigger. This confirms a resumption of the primary downtrend. Initial resistance is seen at 802.37, the 50-day EMA. A resumption of weakness would open 761.31, 61.8% of the rally between May - Dec 2021.
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