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Price Signal Summary - USDBRL Key Resistance Remains Exposed

LATAM FX
  • The latest recovery in USDMXN highlights a bullish development and the end of a corrective cycle between Jun 12 - Jul 12. Moving average studies are in a bull-mode position and this continues to highlight an uptrend. A continuation higher would expose key resistance and the bull trigger at 18.9929, the Jun 12 high. Initial support is at 18.0826, the 20-day EMA. Key support has been defined at 17.6067, the Jul 12 low.
  • Bullish conditions in USDBRL remain intact. Attention is on key resistance and the bull trigger at 5.7008, the Jul 2 high. Clearance of this level would confirm a resumption of the uptrend and open 5.7134, the 1.382 projection of the Dec 27 ‘23 - Apr 16 - May 3 price swing. The 1.50 projection is at 5.7705. On the downside, initial support lies at 5.5343, the 20-day EMA. Key support has been defined at 5.3709, the Jul 11 low.
  • USDCLP has traded higher today. Attention is on key short-term resistance and a bull trigger at 956.73, the Jun 27 high. Clearance of this level would confirm a resumption of the bull cycle and open 964.03, 76.4% of the Jun 14 - May 20 downleg. Clearance of the retracement point would strengthen a bullish condition. Initial support is at 933.84, the 50-day EMA. Key support lies at 902.00, the Jul 11 low.
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