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Price Signal Summary - USDBRL Pullback Considered Corrective

LATAM FX
  • USDMXN continues to trade closer to its latest highs. Recent gains highlight a corrective cycle. The pair has moved above both the 20- and 50-day EMAs. A continuation higher would signal scope for a climb towards 17.3860, the Jan 17 high. This level is an important reversal trigger and a break, if seen, would be bullish. On the downside, initial support lies at 16.8021, the 20-day EMA. Key support and the bear trigger lies at 16.2616, the Apr 9 low.
  • A bullish theme in USDBRL remains intact and last week’s gains reinforce current conditions. Resistance at 5.2202, the Oct 6 ’23 high, has been cleared and this strengthens the bullish condition. The strong impulsive nature of the latest rally signals scope for a climb towards 5.3330, 76.4% of the Nov 11 ‘23 - Jul 28 ‘23 bear leg. Support to watch lies at 5.1183, the 20-day EMA. The pullback from 5.2869, the Apr 16 high, is considered corrective .
  • The USDCLP medium-term trend condition remains bullish. Support to watch is unchanged at 935.63, the Mar 15 low. A clear break of this level would highlight a stronger reversal and signal scope for an extension towards 922.80 initially, 50.0% of the Dec 1 ‘23 - Feb 26 bull leg. On the upside, clearance of resistance and the bull trigger at 990.67, the Feb 26 high, would confirm a resumption of the uptrend and open 1000.00.
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