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Price Signal Summary - USDBRL Bears Remain In The Driver’s Seat

LATAM FX
  • The USDMXN downtrend remains intact and the pair traded lower yesterday. 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. Moving average studies remain in a bear mode position, highlighting a downtrend. Further out, scope is seen for a move towards 16.9791 and 16.7758, the 1.618 and 1.764 projections of the Jun 2 - Mar 9 - Mar 20 price swing. Resistance to watch is the 50-day EMA, which intersects at 17.7540. This is a key short-term hurdle for bulls, where a break would signal a reversal. The 20-day EMA intersects at $17.4819.
  • USDBRL maintains a softer tone following the reversal from 5.1277, the May 31 high. The pair has cleared 4.8859, the May 15 low and key support. The break confirms a resumption of the downtrend. The 4.8000 handle has been tested, a continuation lower would pave the way for a move towards 4.7490, Jun 6 2022 low and 4.6910, the May 30 2022 low. Moving average studies are in a bear mode condition, highlighting a downtrend. On the upside, initial firm resistance is at 4.9929, the 50-day EMA. The 20-day EMA intersects at 4.9355.
  • USDCLP gapped higher Monday. 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 price remains above the May 15 low, a stronger bounce would refocus attention on key short-term resistance at 837.15, the Mar 17 high.
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