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Price Signal Summary - Bullish Engulfing USDMXN candle

LATAM FX
  • The trend outlook in USDMXN remains bearish, however, yesterday’s price action signals potential for a short-term corrective bounce that would allow an oversold trend condition to unwind. Wednesday’s price pattern is a bullish engulfing candle - a reversal signal. Attention is on the 20-day EMA, at 19.1315, where a break would open 19.3806, the 50-day EMA. On the downside, yesterday’s low of 18.5667, marks the near-term bear trigger . A break would confirm a resumption of the downtrend and open 18.4767, the 1.618 projection of the Jul 14 - Sep 12 - Sep 28 price swing.
  • USDBRL continues to trade inside a broad range. Recent weakness has signalled potential for a move towards 5.0108, the Aug 29/30 low and a key support. A break of this level would represent an important bearish break. The pair traded higher Wednesday. An extension would refocus attention on resistance at 5.5296, the Nov 17 high.
  • The USDCLP outlook remains bearish. Recent trend lows have confirmed, once again, a resumption of the downtrend and maintains the bearish price sequence of lower lows and lower highs. The continuation lower signals scope for an extension towards 807.85, the Jun 3 low and the 800.00 handle. On the upside, initial resistance is seen at 843.01, the 20-day EMA.
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