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Price Signal Summary: USDBRL Bear Trend Extends

LATAM FX
  • USDMXN maintains a bearish theme. The recent pullback has resulted in a break of all key retracement points of the rally between Feb 23 - Mar 8. This exposes the next key support at 20.1577, the Feb 23 low. Initial firm resistance is seen at 21.0648, the Mar 10 high ahead of the bull trigger at 21.4676, the Mar 8 high.
  • USDBRL has started the week on a softer note. The pair cleared 4.9846 yesterday, the Mar 11 low and an important bear trigger. Trend signals, such as moving average studies, remain bearish and the clear break of 4.9846 confirms a resumption of the downtrend. This opens 4.8934, the Jun 25, 2021 low. Key short-term resistance is at 5.1689, the Mar 15 high.
  • USDCLP is lower but still inside its recent range. The pair remains below the Feb 24 high of 824.50. Trend conditions are bearish and short-term gains are considered corrective. Firm resistance is at 832.75, the Feb 7 high. The bear trigger is 783.51, Feb 23 low. A break would open 783.23, 50.0% of the May - Dec 2021 upleg ahead of the 780.00 handle initially.

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