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Price Signal Summary: USDBRL Approaches Last Week’s High

LATAM FX
  • USDMXN is consolidating and holding onto the bulk of its recent gains. The pair touched a fresh high last week - 20.5367 on Apr 28. A bullish theme remains intact - recent gains have resulted in a break of 20.1950, the Apr 6 high, and price has also traded above the 50-day EMA. Note too that a double bottom reversal pattern has also been confirmed on the daily chart, reinforcing a short-term bullish theme. Attention is on the 50.0% Fibonacci retracement of the Mar-Apr range, at 20.5975. This level has been probed, a clear break would open 20.8028, the 61.8% retracement. Key support has been defined at 19.7274, the Apr 4 low.
  • USDBRL recovered off Friday’s low of 4.8597 and attention is on the Apr 28 high of 5.0448. Clearance of 5.0448 would signal a resumption of recent bullish activity and also threaten the recent dominant bear cycle - signalling potential for a stronger short-term bull cycle. A break higher would open 5.1689, the Mar 15 high. Initial support lies at 4.5897.
  • USDCLP maintains a firmer tone. Recent gains resulted in a break of resistance at 823.72, Apr 11 high, and this confirmed an extension of the current bull cycle that started Mar 29. Potential is seen for a climb above the 860.00 handle, towards 876.15, the Dec 20 high. Firm support has been defined at 799.53, the Apr 13 low. Initial support lies at 823.72.
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