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Free AccessPrice Signal Summary: USDBRL Probes Resistance
- USDMXN rallied earlier to a high of 20.7288 but has since reversed lower as resistance caps gains. The outlook remains bullish and the pullback is considered corrective. Initial support is at 20.4564, Aug 20 high. A resumption of gains would refocus attention on the key resistance at 20.7488, Jun 18 high.
- USDCLP bull trend remains firmly intact. The pair has this week cleared former key resistance at 795.73, Aug 9 high. This confirmed a resumption of the uptrend from May 10 with a bullish price sequence of higher highs and higher lows intact. The focus is on 825.13, Jun 19 high, now that 806.84 has been cleared, 61.8% retracement of the Mar '20 - May '21 bear cycle. Firm short-term support lies at 790.76, the 20-day EMA.
- The USDBRL trend needle still points north and the pair has traded higher today, probing resistance at 5.4741, Aug 20 high. A clear break of this level would confirm a resumption of the uptrend that started Jun 25. This would open 5.4946, 61.8% retracement of the Mar - Jun downleg. Key short-term support has been defined at 5.1163, Aug 31 low. Initial support is at 5.2655, the 50-day EMA.
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Why MNI
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