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Price Signal Summary - USDBRL Bear Cycle Extends

LATAM FX
  • The trend outlook in USDMXN remains bearish - moving average studies are in a bear mode position highlighting a downtrend and price is trading closer to its recent lows. Price has recently pierced the 18.00 handle and this has exposed the next key support at 17.8981, the Mar 9 low. A breach of this level would open 17.5746, the Aug 25 2017 low. Key resistance and the bull trigger has been defined at 19.2322. Initial firm resistance is at 18.4823, the 50-day EMA
  • USDBRL conditions remain bearish and the pair traded lower Tuesday. The continuation down reinforces bearish conditions and maintains the current bearish price sequence of lower lows and lower highs. The 5.00 handle has been pierced and attention turns to 4.9410, the Feb 2 low and the next key support. Initial firm resistance is seen at 5.1660, the 50-day EMA.
  • Recently, USDCLP briefly traded below $789.00, the Mar 7 low, before finding support at 783.10, the Mar 31 low. A continuation higher would refocus attention on key short-term resistance at 837.15, the Mar 17 high. A break of this level would be a bullish development. On the downside, the key bear trigger lies at 776.28, the Feb 3 low.
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