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Price Signal Summary - USDBRL Pullback Extends

LATAM FX
  • The USDMXN downtrend remains intact. Attention is on the bear trigger at 17.4207, May 15 low. This level was pierced on Friday, a clear break would confirm a resumption of the downtrend and open 17.0507, the Apr 29 2016 low. The pair remains below resistance at the 50-day EMA, which intersects at 17.9242. This is a key short-term hurdle for bulls, where a break would signal a stronger reversal.
  • USDBRL traded higher last Wednesday but failed to hold on to its gains and has since traded lower. Wednesday’s reversal from the high means that price failed to confirm a clear break of resistance at 5.0891, the Apr 19 high, and the price pattern that day is a shooting star candle - a bearish reversal signal. This suggests that the recent correct cycle is over and if correct, scope exists for weakness to 4.9358, the May 24 low and 4.8859, the May 15 low and key support. For bulls, clearance of 5.1277, last Wednesday’s high, is required to reinstate a bullish theme.
  • USDCLP is unchanged. The pair recently pierced support at 783.10, the Mar 31 low. A clear break of this level would expose the key bear trigger at 776.28, the Feb 3 low. Clearance of this level would confirm a resumption of the broader downtrend. For now, the pair remains above the May 15 low, a stronger bounce would instead refocus attention on key short-term resistance at 837.15, the Mar 17 high.
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