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Price Signal Summary: USDBRL Trend Direction Remains Down

LATAM FX
  • USDMXN continues to climb as the pair extends last week’s gains. The rally this week has resulted in a break of resistance at 20.9141, the Jan 28 high. The breach weakens the recent bearish threat and suggests scope for an extension higher - the focus is on 21.50 and 21.6836, 76.4% of the Nov 26 - Feb 23 downleg. Firm support is seen at 20.5825, the 50-day EMA. A break below this average would reinstate a bearish theme.
  • USDBRL is in a consolidation mode but trading closer to its recent lows. Trend conditions remain bearish. Last Wednesday’s attempt to break the 20-day EMA failed and the reversal lower reinforces current trend conditions, signalling the end of the recent corrective bounce. Scope is seen for weakness towards 4.8934, the Jun 25, 2021 low. Resistance is at 5.2190, the Mar 2 high. The bear trigger is 4.9943, the Mar 23 low.
  • USDCLP continues to consolidate. The pair remains below the Feb 24 high of 824.50. Trend conditions are bearish and short-term gains at this stage are considered corrective. The 50-day EMA at 812.62 has recently been probed but still offers a firm resistance area ahead of 832.75, the Feb 7 high. The bear trigger is 783.51, Feb 23 low. A break would open 783.23, the 50.0% retracement of the May - Dec 2021 upleg ahead of the 780.00 handle initially.
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