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Price Signal Summary - USDBRL Bull Cycle Remains In Play

LATAM FX
  • USDMXN has traded sharply this week, as the pair extended the reversal that started May 21. The rally this week cancels a recent bearish theme and has resulted in price trading through 17.5698, 61.8% of the Apr 19 - May 21 downleg. Note that 17.8159, the 76.4% retracement point, has also been cleared. This opens 18.2137, the Apr 19 high. Support to watch lies at 17.1353, the 20-day EMA.
  • USDBRL bulls remain in the driver’s seat. This week’s bullish extension reinforces this theme. The move higher has resulted in a print above key resistance at 5.2869, the Apr 16 high and bull trigger. A clear break of this hurdle would confirm a resumption of the uptrend and open 5.3330, 76.4% of the Nov 17 ‘22 - Jul 28 ‘23 bear cycle. On the downside, initial support to watch lies at 5.1920, the 20-day EMA.
  • A bear trend in USDCLP remains intact and recent bearish price action reinforces current conditions. The latest recovery appears to be a correction - for now. The 20-day EMA has been pierced. The next Important resistance is seen at 927.16, the 50-day EMA. For bears, the break in early May of support at 935.63, the Mar 15 low, marked an important technical breach and highlighted a stronger reversal. 886.96, the 76.4% retracement of the Dec 1 ‘23 - Feb 26 bull leg, has been pierced. A clear break would open 870.45, the Dec 29 low.
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