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Price Signal Summary: USDBRL Remains Vulnerable

LATAM FX
  • USDMXN continues to correct lower. A bullish theme remains intact though. This follows the rally on Aug 20 that resulted in a breach of 20.2502, Jul 21 high. The break highlights a positive short-term theme and ends the recent 2-month broad consolidation. Attention is on 20.5027, 76.4% of the Jun 18 - 25 downleg where a breach would signal scope for stronger gains potentially towards 20.7488, Jun 18 high. Key support is at 19.8004, Jul 30 low. Initial firm support lies at 20.0624, the 50-day EMA. This average has provided support today.
  • USDBRL remains vulnerable following the recent pullback from 5.4741, Aug 20 high. The next support is at 5.1644, Aug 11 low and this has been probed today. A clear break would signal scope for a deeper pullback towards 5.1107, Aug 5 low. Initial resistance is at 5.3630, Aug 24 high with key resistance and the bull trigger at 5.4741, Aug 20 high.
  • USDCLP remains below recent highs. The trend needle still points north though and the focus is on 795.73, Aug 9 high and the bull trigger. Moving average studies remain in a bull mode and a bullish price sequence of higher highs and higher lows dominates. A break of 795.73 would confirm a resumption of the uptrend and open 800.00 and above. Key support lies at 768.33, Aug 12 low.
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