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Price Signal Summary - USDBRL Short-Term Conditions Appear Bullish

LATAM FX
  • The USDMXN downtrend remains intact and the pair traded lower Wednesday. The break confirms a recent bear flag formation on the daily chart and this reinforces the current downtrend. Note that moving average studies are in a bear mode set-up, highlighting current sentiment. The focus is on the 18.00 handle and 17.9401, the Apr 17, 2018 low. The 20-day EMA, at 18.5140, is the first resistance.
  • Short-term conditions in USDBRL appear bullish despite the pullback from 5.3073, the Feb 10 high. A resumption of gains would open 5.3518 next, the 76.4% retracement of the Jan 4 - Feb 2 bear leg. On the downside, initial support to watch lies at 5.1106, the Feb 23 low. A break of this level would instead signal scope for a return to 4.9410, the Feb 2 low.
  • USDCLP traded higher Monday but has since pulled back. The pair has recently traded above the 50-day EMA. This highlights a stronger short-term reversal and a resumption of gains would open the 850.00 handle next. A break above 850.00 would expose 860.58, the 38.2% retracement of the Sep 26 - Feb 3 downtrend. The 20-day EMA, at 808.56, is the first support to watch. The bear trigger lies at 776.28, the Feb 3 low.
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