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Price Signal Summary: USDBRL Bulls Eye Key Near-Term Resistance

LATAM FX
  • USDMXN continues to trade inside its recent range. The sideways activity since Jun 25 still appears corrective in nature and this is in line with a bearish risk that remains present. Attention is on 19.7059, Jun 25 low and 19.5987, the Jun 9 low. A breach of both these levels would confirm a resumption of the downtrend. The next firm resistance is at 20.3504, 61.8% of the recent Jun 18 - 25 downleg. Note that a break of 20.2502, Jul 25 high represent mark an initial bullish signal.
  • USDBRL is consolidating but trading closer to recent highs. The pair remains below the key short-term resistance of 5.3130, Jul 8 high. A break of this hurdle would confirm a resumption of the uptrend that started Jun 25 and open 5.3740, May 24 high. Key short-term support is unchanged at 5.0416, Jul 29 low.
  • The USDCLP needle continues to point north and the most recent strong bounce has exposed 795.73, the Aug 9 high and bull trigger. Moving average studies remain in a bull mode too and a bullish price sequence of higher highs and higher lows dominates. A break of 795.73 would confirm a resumption of the uptrend and open 800.00 and above. Key support lies at 768.33, Aug 12 low.
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