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Price Signal Summary - USDBRL Remains Above Support For Now

LATAM FX
  • USDMXN traded lower last week and remains at its recent cycle lows. The pair has pierced an important support at 17.7449 the 50-day EMA. A clear break of this average would undermine the bullish theme. This would signal scope for an extension towards 17.4466, the Jun 6 low. While the 50-day EMA remains intact, it is possible that the latest bear leg is a correction. A resumption of gains would open the 19.00 handle and if this level gives way, it would expose 19.2083, the 50.0% retracement of the Nov 26 ‘21 - Apr 9 ‘24 bear cycle. Initial firm resistance is at 17.9795, the 20-day EMA, followed by 18.5988, the Jun 28 high.
  • The latest pullback in USDBRL still appears to be a correction - for now. Recent gains resulted in a break of key resistance at 5.2869, the Apr 16 high and a bull trigger. The clear break of that hurdle confirmed a continuation of the medium-term uptrend. A resumption of gains would open 5.7134, the 1.382 projection of the Dec 27 ‘23 - Apr 16 - May 3 price swing. On the downside, support at the 20-day EMA has been breached. The 50-day EMA, the next support, lies at 5.3524. A clear break of this average would highlight a potential reversal.
  • A sharp sell-off last week in USDCLP has reversed a recent bull cycle. The move lower signals scope for an extension towards key support and a bear trigger at 881.73, the May 20 low. Clearance of this level would strengthen a bearish theme. On the upside, initial resistance is at 929.66, the 50-day EMA. Key resistance and the bull trigger has been defined at 956.73, the Jun 27 high.
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