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Price Signal Summary - Resistance In USDMXN At The 50-Day EMA Remains Intact

LATAM FX
  • USDMXN is trading lower today. The pullback is potentially significant because it means resistance at the 50-day EMA, which intersects at 18.0247, has remained intact - for now. This is a key short-term hurdle for bulls where a break would signal a stronger reversal. The primary trend direction remains down and a continuation lower would expose the bear trigger at 17.4207, May 15 low. A break of this level would open 17.0507, the Apr 29 2016 low.
  • The trend outlook in USDBRL remains bearish and recent weakness reinforced this theme. The pair has also pulled back from its latest highs. Key support and the bear trigger at 4.8928, the Apr 14 low, has been pierced. A clear break of this level would confirm a resumption of the bear cycle and open 4.8478, the Jun 8 2022 low. On the upside, firm resistance to watch is seen at 5.0360, the 50-day EMA. A break of this average would alter the picture.
  • USDCLP is holding on to its most recent gains. The pair recently pierced support at 783.10, the Mar 31 low. A clear breach of 783.10, would expose the key bear trigger at 776.28, the Feb 3 low. Clearance of this level would confirm a resumption of the broader downtrend. The pair remains above the May 15 low, a stronger bounce would instead refocus attention on key short-term resistance at 837.15, the Mar 17 high.
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