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Price Signal Summary: USDBRL Uptrend Remains Intact

LATAM FX
  • USDMXN continues to trade below 20.6378, the Apr 28 high. Attention has been on the potential for a stronger recovery, and the recent bounce is encouraging for bulls. 20.6378 is the key short-term resistance and bull trigger. A break would set the scene for a climb towards 20.8028, 61.8% of the downleg between Mar 8 - Apr 4. A resumption of bearish activity would instead expose key support at 19.7274, Apr 4 low.
  • USDBRL maintains a bullish short-term tone. This week’s gains have confirmed a resumption of the uptrend that started Apr 5. Price remains above the 20- and 50-day EMAs and is eyeing resistance at 5.2190, the Mar 2 high, and 5.3083, 61.8% of the downleg between Dec 21 2021 - Apr 5. On the downside, firm short-term support is seen at 4.8597, the Apr 29 low.
  • USDCLP maintains a firmer tone and is holding on to its recent gains. The recent rally resulted in a break of resistance at 823.72, Apr 11 high, and this confirmed an extension of the current bull cycle that started Mar 29. Bulls, haven't looked back. The 860.00 handle has been cleared, this opens 876.15, the Dec 20 high and the next key resistance. Initial support lies at 843.62, the 20-day EMA.
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