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Price Signal Summary - USDBRL Short-Term Trend Outlook Remains Bearish

LATAM FX
  • USDMXN traded sharply lower last week and the pair has started this week on a bearish note as it extends the reversal from 18.4663 on Oct 20. The move lower confirms the end of the recent Nov 3 - 10 corrective bounce and the break of support at 17.2833, the Nov 3 low, confirms a resumption of the current bear cycle and opens 16.9988, the Sep 20 low. A break of this level would open 16.6262, the Jul 28 low. On upside, a move above 17.9394 would be a short-term bullish development and highlight a bullish reversal. Initial resistance is at 17.6299, the 50-day EMA.
  • USDBRL maintains a softer tone. The pair traded lower last week and this resulted in a clear break of 4.8590 support, the Nov 7 low. The move lower confirms a resumption of the current downtrend and signals scope for an extension towards 4.8200, 76.4% of the Jul 28 - Oct 6 upleg, and the 4.8000 handle. Initial firm resistance is at 4.9535, the Nov 10 high.
  • The USDCLP uptrend remains intact, however, last week’s sell-off does threaten the bullish theme. Key short-term support has been defined at 873.00, the Nov 3 low. A break of this level would strengthen a bearish threat and signal scope for a deeper retracement towards 837.45, the Aug 25 low. For bulls, clearance of 924.67, the Nov 13 high, would expose key resistance at 955.00, the Oct 16 high.
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