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Price Signal Summary - USDBRL Approaches Key Short-Term Resistance

LATAM FX
  • The USDMXN trend condition is unchanged and a bear cycle remains in play following the pullback from the Apr 19 high. The latest recovery appears to be a correction - for now. A resumption of bearish price action would open the 16.50 handle and 16.2616, the Apr 9 low and a key support and bear trigger. For bulls, resistance at 17.3860, the Jan 17 high, has recently been tested. This level marks an important reversal trigger and a clear break of it, if seen, would be bullish and signal scope for a climb towards 17.6365, the 61.8% retracement of the Oct 6 - Apr 9 bear leg. The next resistance is seen at the 17.00 handle.
  • The recent pullback in USDBRL, since Apr 16, appears to have been a correction. Attention is on key short-term resistance at 5.1969, the Apr 30 high. Clearance of this hurdle would be bullish and signal scope for a climb towards 5.2869, the Apr 16 high. Recently, support around the 50-day EMA, currently at 5.1006, has also been pierced. A clear breach of the average would strengthen a short-term bearish theme and signal scope for a deeper retracement - this would open 4.9984, the Apr 10 low.
  • A bear trend in USDCLP remains intact and recent bearish price action reinforces current conditions. The break in early May of support at 935.63, the Mar 15 low, marked an important technical breach and highlighted a stronger reversal. 886.96, the 76.4% retracement of the Dec 1 ‘23 - Feb 26 bull leg, has been pierced. A clear break of this level would open $870.45, the Dec 29 ‘23 low. Initial key short-term resistance has been defined at 914.59, the 20-day EMA. Short-term gains are considered corrective.
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