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Price Signal Summary - USDBRL Key Resistance Remains Exposed

LATAM FX
  • USDMXN remains in consolidation mode for now. The pair traded sharply higher on Jan 16 and the move above the 50-day EMA - at 17.1517 currently - does suggest scope for a continuation higher near-term. A resumption of gains would expose resistance at 17.5653, the Dec 5 high. Clearance of this hurdle would highlight a stronger reversal. First resistance is at 17.3860, the Jan 17 high. On the downside, key support and the bear trigger, lies at 16.7852, the Jan 8 low. A break would instead resume the downtrend. Initial support to watch is the 17.00 handle.
  • USDBRL attention is key resistance at 5.0017, the Jan 23 high. It has recently been pierced. A clear break of this hurdle would cancel the recent bearish threat and instead confirm a resumption of the bull cycle and open 5.0609, 61.8% of the Oct 6 - Dec 27 bear leg. Initial key support to watch lies at 4.9025, the Jan 26 low. A breach would be bearish. Short-term pullbacks are considered corrective - for now.
  • USDCLP trend conditions remain bullish and Tuesday’s fresh cycle high reinforces current conditions. The pair also traded higher last week and in the process breached key resistance at 955.00, the Oct 16 ‘23 high. This confirms a resumption of the medium-term uptrend and opens 985.84 next, the Oct 25 ‘22 high. Initial firm support lies at 945.06, the 20-day EMA. A pullback is considered corrective.
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