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Price Signal Summary: USDBRL Finds Resistance At Yesterday’s High

LATAM FX
  • USDMXN is holding onto the bulk of its recent gains. The pair touched a fresh high this week - 20.5367 on Wednesday. A bullish theme remains intact - recent gains have resulted in a break of 20.1950, the Apr 6 high, and price has also traded above the 50-day EMA. Note too that a double bottom reversal pattern has also been confirmed on the daily chart, reinforcing a short-term bullish theme. Attention is on the 50.0% Fibonacci retracement of the Mar-Apr range, at 20.5975. This level has been probed, a clear break would open 20.8028, the 61.8% retracement. Key support has been defined at 19.7274, the Apr 4 low.
  • USDBRL has pulled back from its recent high of 5.0448 (Apr 28). The move lower is potentially an early signal that the recent corrective recovery is over. Weakness below the 4.80 handle would strengthen this case and expose the bear trigger at 4.5836, the Apr 5 low. On the upside, clearance of 5.0448 is required to signal a resumption of bullish activity. This would open 5.1689, the Mar 15 high.
  • USDCLP maintains a firmer tone and short-term pullbacks are considered corrective. Recent gains resulted in a break of resistance at 823.72, Apr 11 high, and this confirmed an extension of the current bull cycle that started Mar 29. Potential is seen for a climb above the 860.00 handle, towards 876.15, the Dec 20 high. Firm support has been defined at 799.53, the Apr 13 low. Initial support lies at 823.72.
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