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Price Signal Summary - Pullback In USDMXN Appears To Be A Correction

LATAM FX
  • USDMXN is unchanged. The trend outlook remains bullish and the pullback, from the Jun 12 high, still appears to be a correction. For bulls, the recovery from the Jun 24 low is a positive development, signalling the possible end of the corrective phase. The 20-day EMA has been pierced, the next support to watch is at the 50-day EMA, at 17.7381. A clear break of this average would undermine the bullish theme. A resumption of gains would open the 19.00 handle and if this level gives way, it would expose 19.2083, the 50.0% retracement point of the Nov 26 ‘21 - Apr 9 ‘24 bear cycle.
  • Bullish conditions in USDBRL remain intact and the latest pullback appears to be a correction - for now. Recent gains have resulted in a break of key resistance at 5.2869, the Apr 16 high and a bull trigger. The clear break of that hurdle confirmed a continuation of the medium-term uptrend. A resumption of gains would open 5.7134, the 1.382 projection of the Dec 27 ‘23 - Apr 16 - May 3 price swing. On the downside, initial support to watch lies at 5.4628, the 20-day EMA. It has been pierced. The 50-day EMA lies at 5.3351. A clear break of both averages would highlight a potential reversal.
  • The USDCLP short-term trend condition is unchanged. The pair maintains a bullish tone and the latest pullback appears to be a correction. Price recently traded above the 50-day EMA. This strengthened the current short-term bullish condition and signals scope for a stronger recovery near-term. Sights are on 964.03, 76.4% of the bear leg between Apr 16 and May 20. First support to watch lies at 908.75, the Jun 12 low. A break would undermine the bullish theme. The key support and bear trigger lies at 881.73, the May 20 low.
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