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Price Signal Summary: USDBRL Trend Conditions Are Still Bearish

LATAM FX
  • USDMXN has again delivered a fresh cycle low. The trend remains down and this week’s continuation lower, together with the recent break of 20.00, reinforces this condition. The focus is on 19.7059, the Jun 25, 2021 low. Resistance to watch is at 20.3613, the 20-day EMA.
  • USDBRL is consolidating but remains bearish. Last week’s key technical development was the break of 4.8187, Jun 2020 low and the base of the broad range that has dominated since the price peak in May 2020. The break of this support reinforces the current bearish theme and from a medium-term perspective, suggests a significant reversal. The next objective is 4.6451, the Mar 13 2020 low. The 20-day EMA at 4.9395 marks resistance.
  • USDCLP remains above Tuesday's low of 771.89. The trend is bearish and short-term gains are considered corrective. The pair traded lower on Mar 25 and importantly, breached support at 783.51, the Feb 23 low and the bear trigger. The break confirms a resumption of the primary downtrend and an extension of the bearish price sequence of lower lows and lower highs. Moving average studies continue to point south as well, highlighting the current trend direction. Initial resistance is seen at 803.88, the 50-day EMA. A resumption of weakness would open 761.31, 61.8% of the rally between May - Dec 2021.
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