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Price Signal Summary - Bear Threat In USDBRL Remains Present

LATAM FX
  • USDMXN is mostly unchanged and is trading closer to its recent highs. The trend outlook is bearish and recent short-term gains are considered corrective. Moving average studies are in a bear-mode position, highlighting a downtrend. The recent breach of support at 17.2833, the Nov 3 low, confirmed a resumption of the current bear cycle and opens 16.9988, the Sep 20 low. Clearance of this level would signal scope for a move towards 16.6262, the Jul 28 low. On the upside, a move above 17.9394, the Nov 10 high, would highlight a reversal. Initial resistance is at 17.5811, 38.2% of the Oct 20 - Nov 27 downleg.
  • USDBRL remains in consolidation mode. The trend direction is down and the latest sideways price action appears to be a pause in the downtrend. Recent weakness resulted in a clear break of 4.8590 support, the Nov 7 low. The move lower confirmed a resumption of the downtrend and signals scope for an extension towards 4.8200, 76.4% of the Jul 28 - Oct 6 upleg, and the 4.8000 handle. Resistance at 4.9535, the Nov 10 high, has been pierced. A clear break of this level would ease bearish pressure. This would expose 5.0696, the Oct 31 high.
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