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Price Signal Summary - Bullish USDBRL Breakout

LATAM FX
  • The USDMXN trend condition remains bearish following its recent sell-off and the latest recovery is considered corrective. The break of key support at 16.7852, the Jan 8 low, confirmed a resumption of the downtrend and this has opened 16.6262, the Jul 28 2023 low. A break of this level would open 16.4218, the 1.236 projection of the Dec 5 - Jan 8 - Jan 17 price swing. On the upside, a clear reversal higher would refocus attention on 17.3860, the Jan 17 high and a bull trigger. Initial resistance is at 17.0100, the 50-day EMA.
  • USDBRL bullish conditions remain intact. Attention has been on key resistance at 5.0017, the Jan 23 high. This week’s gains have resulted in a break of this level. A continuation higher would highlight a clear break of this hurdle and signal scope for a test of 5.0609, 61.8% of the Oct 6 - Dec 27 bear leg. Clearance of this retracement would open 5.0983, the Oct 20 ‘23 high. Initial key support to watch lies at 4.9535, the Mar 14 low.
  • USDCLP medium-term trend conditions remain bullish and the latest move lower is considered corrective. Attention is on support around the 50-day EMA, at 947.62. This average has been pierced. A clear break of it would signal slope for a deeper retracement, towards 922.80, the 50.0% retracement of the Dec 1 - Feb 26 rally. Initial resistance is seen at 96.23, the 20-day EMA. The pair is off its recent lows, a clear break of the 20-day average would be a bullish development and open the bull trigger at 990.67, the Feb 26 high.
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