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Price Signal Summary: USDBRL Trades Through The 50-Day EMA

LATAM FX
  • USDMXN traded lower yesterday and continues to trade closer to its recent lows. The recent pullback is still considered corrective. Attention however is on support around the 50-day EMA - the average intersects at 20.3170. A clear break of this average would signal scope for a deeper pullback towards 20.00 initially. For bulls, the trigger for a resumption of gains is 21.0535, the Jul 14 high. Initial resistance is at 20.7236, the Jul 22 high.
  • USDBRL is trading lower again today as the pair extends the pullback from 5.5142, the Jul 21 low. Trend conditions remain bullish though and the move lower is likely a correction. However, support at 5.2511, the Jul 8 low, has been breached and this suggests potential for an extension of the current retracement. Note too that the 50-day EMA has been pierced. A clear break of the average would expose 5.1026, the 50.0% retracement of the May 30 - Jul 21 upleg. For bulls, a break of 5.5142 would confirm a resumption of the uptrend.
  • USDCLP recently reversed sharply lower from 1061.00, the Jul 14 high. Support at the 20-day EMA has been breached and following yesterday’s move lower, the 50-day EMA is being challenged. The average intersects at 909.46, the Jul 27 low. A clear break of it would end the recent bullish theme and signal scope for a deeper sell-off below 900.00. Initial resistance has been defined at 970.08, the Jul 22 high.
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