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Price Signal Summary: USDBRL Trend Direction Remains Down

LATAM FX
  • USDMXN remains above recent lows. The outlook is bearish and short-term gains are considered corrective. Last week’s continuation lower, together with the recent break below 20.00, reinforced a bearish condition. Moving average studies remain in a bear mode, highlighting current sentiment. The focus is on 19.7059, the Jun 25, 2021 low. Resistance to watch is at 20.1961, the 20-day EMA ahead of 20.33890, the 50-day EMA.
  • USDBRL remains in a downtrend. The break lower on Apr 1 marked a resumption of the downtrend. 4.6000 has been probed and this opens 4.5439 next, 1.236 projection of the Mar - Jun - Dec 2021 price swing. The 20-day EMA at 4.8263 remains the key short-term resistance. Short-term gains are considered corrective.
  • USDCLP has traded higher this week. Short-term gains are considered corrective, however, the pair has traded through the 50-day EMA. The primary trend is bearish although a strong continuation higher would highlight a clear break of the average and this would threaten the recent bear cycle. Key resistance to monitor is 818.60, the Mar 15 high. A resumption of weakness would refocus attention on the key support at 771.89, Mar 29 low.
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