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Price Signal Summary - USDBR Trend Needle Continues To Point South

LATAM FX
  • USDMXN traded lower yesterday. The pullback is potentially significant because it means that resistance at the 50-day EMA, which intersects at 18.0159, 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 is 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. Short-term gains are considered corrective. Key support and the bear trigger at 4.8928, the Apr 14 low, has recently 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 5.0330, 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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