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Price Signal Summary - USDMXN Correction Extends

LATAM FX
  • USDMXN is trading higher today as the recovery from 17.4207, the May 15 low, extends. Price is through the 20-day EMA and attention turns to the 50-day EMA at 18.0318. A clear break of this average would strengthen short term bullish conditions and expose resistance at 18.4011, the Apr 5 high. The primary trend direction remains down and for now, the move higher is considered corrective. The bear trigger is 17.4207. A break would open 17.0507, the Apr 29 2016 low.
  • The trend outlook in USDBRL remains bearish and recent weakness reinforces this theme. Key support and the bear trigger at 4.8928, the Apr 14 low, has been pierced. A clear break of this level would confirm a resumption of the bear cycle and open 4.8478, the Jun 8 2022 low. On the upside, firm resistance to watch is seen at 5.0415, the 50-day EMA. For now, short-term gains are considered corrective.
  • USDCLP is marginally firmer. The pair recently pierced support at 783.10, the Mar 31 low. A continuation lower and a clear breach of 783.10, would expose the key bear trigger at 776.28, the Feb 3 low. Clearance of this level would confirm a resumption of the broader downtrend - the medium-term trend direction remains down. The pair remains above last week’s low, a stronger bounce would refocus attention on key short-term resistance at 837.15, the Mar 17 high.
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