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Price Signal Summary: USDBRL Trading At Its Recent Lows

LATAM FX
  • USDMXN is consolidating and trading at its recent lows. The pair maintains a softer tone and remains below resistance at 20.6378, the Apr 28 high. Price last week breached support at 20.0014, May 4 low. This undermines a recent bullish theme and exposes key support at 19.7274, the Apr 4 low. A break would confirm a resumption of a bear cycle that started on Nov 26 last year. On the upside, clearance of 20.6378, the Apr 28 high, is still required to reinstate a bullish theme. Initial resistance is at 20.1836, the 50-day EMA.
  • USDBRL maintains a bullish short-term tone and the latest pullback is still considered corrective. However, the pair remains weaker and this week has traded lower once again. Price has breached support at 4.8597, the Apr 29 low. A clear breach of the 4.80 handle would strengthen the current bearish cycle and signal scope for 4.5836, Apr 5 low and a key support. Key resistance has been defined at 5.2090, May 12 high. Initial resistance is at 4.9611, the 50-day EMA.
  • The retracement in USDCLP remains in play and the pair is trading closer to its recent lows. Price has breached both the 20- and 50-day EMAs, signalling scope for an extension lower. This opens 821.74, 50.0% of the Mar 29 - May 12 upleg. The 61.8% level intersects at 809.98. The current pullback is still considered corrective. The key resistance is at 871.60, May 12 high where a break would resume the uptrend. Initial resistance is at 855.10, the May 18 high.
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