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Price Signal Summary - Short-Term USDMXN Gains Considered Corrective

LATAM FX
  • The trend direction in USDMXN remains down and 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 a downtrend and the latest sideways 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.
  • The trend outlook in USDCLP remains bearish. Key short-term support at 873.00, the Nov 3 low, has been cleared. The break of this level has strengthened a bearish threat and signals scope for a deeper retracement towards 837.45, the Aug 25 low. For bulls, clearance of 924.67, the Nov 13 high, would expose key resistance at 955.00, the Oct 16 high. Initial resistance is at $887.83, the 50-day EMA.
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