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Price Signal Summary - USDCLP Approaches Key Support

LATAM FX
  • A bearish theme in USDMXN remains intact. The pair traded lower last week and cleared support at 16.6468, the Mar 14 low and bear trigger. The break maintains the price sequence of lower lows and lower highs and note too that moving average studies are in a bear mode position, highlighting a clear downtrend. This opens 16.4218, the 1.236 projection of the Dec 5 - Jan 8 - Jan 17 price swing. On the upside, key resistance has been defined at 16.9473, the Mar 19 low.
  • A bullish theme in USDBRL remains intact and this week’s gains reinforce current conditions. Resistance at 5.0548, the Mar 19 high has been breached and this highlights a resumption of the uptrend that started Dec 27. 5.0609, 61.8% of the Oct 6 - Dec 27 bear leg, has been cleared. A continuation higher would open 5.0983, the Oct 20 ‘23 high ahead of the 76.4% retracement point at 5.1218. The 50-day EMA - at 4.9746 - marks the key support. A clear break of this EMA would threaten bullish conditions and expose 4.9187, the Feb 22 low.
  • The USDCLP medium-term trend condition remains bullish. The current pullback is considered corrective - for now - and support to watch lies at 935.63, the Mar 15 low. A clear break of this level would highlight a stronger reversal and signal scope for an extension lower towards 922.80 initially, 50.0% of the Dec 1 ‘23 - Feb 26 bull leg. On the upside, a break of resistance and the bull trigger at 990.67, the Feb 26 high, would confirm a resumption of the uptrend and open 1000.00. Initial firm resistance is at 969.80, the 20-day EMA.
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