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Price Signal Summary - USDBRL Approaches Key Support

LATAM FX
  • The USDMXN downtrend remains intact and the pair is trading at its recent lows. The bear trigger at 17.4207, the May 15 low, has been cleared. This confirms a resumption of the downtrend and opens 17.0507, the Apr 29 2016 low. Price remains below resistance at the 50-day EMA, which intersects at 17.8465. This is a key short-term hurdle for bulls, where a break would signal a reversal.
  • USDBRL maintains a softer tone following the reversal from 5.1277, the May 31 high. Attention is on 4.8859, the May 15 low and key support. A break would confirm a resumption of the downtrend and open 4.8000. Moving average studies are in a bear mode condition and this highlights a downtrend. On the upside, initial firm resistance is at 5.0171, the 50-day EMA. Key resistance has been defined at 5.1277.
  • USDCLP is trading lower. The pair recently pierced (in mid-May) support at 783.10, the Mar 31 low. A clear break of this level would expose the key bear trigger at 776.28, the Feb 3 low. Clearance of this support would confirm a resumption of the broader downtrend. For now, 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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