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Price Signal Summary - USDBRL Bull Cycle Remains In Play

LATAM FX
  • USDMXN traded higher yesterday. This week’s price action has resulted in a break of both the 20- and 50-day EMAs and note that the pair has briefly pierced resistance at 17.3959, the Jul 7 high. A clear break of this level would signal scope for a stronger recovery and open 17.5977, the Jun 5 high. The broader trend condition is bearish and moving average studies continue to highlight a downtrend. The bear trigger is 16.6262, the Jul 28 low.
  • USDBRL remains in a downtrend, however, a corrective cycle has resulted in a strong bounce this week. The pair has traded above both the 20- and 50-day EMAs and this strengthens a short-term bullish theme. The next important resistance is at 4.9499, the Jul 6 high. A breach would be seen as an important short-term breakout and open 5..039, the Jun 2 high. Initial support to watch is at 4.7999, the 20-day EMA. Key support has been defined at 4.6964, the Jul 28 low.
  • USDCLP maintains a short-term bullish tone. The gap higher Monday resulted in a break of 837.15, the Mar 17 high and a key resistance. The continuation higher reinforces a bullish theme and paves the way for 860.58, the 38.2% retracement of the Sep 26 ‘22 - Feb 3 bear leg. Initial key support has been defined at 803.20, the Jul 20 low. First support to watch is 826.48, the 20-day EMA.
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