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Price Signal Summary - USDCLP Bear Threat Remains Present

LATAM FX
  • USDMXN continues to trade closer to its most recent highs. The latest pullback is - for now - considered corrective and the trend outlook remains bullish. The pair has recently traded above both the 20- and 50-day EMAs - a bullish development. Also, resistance at 17.3860, the Jan 17 high, has been tested. This level is an important reversal trigger and a clear break, if seen, would be bullish and signal scope for a climb towards 17.6365, the 61.8% retracement of the Oct 6 - Apr 9 bear leg. On the downside, initial support lies at 16.8921, the 50-day EMA. It has been pierced, a clear break would expose key support and the bear trigger at 16.2616, the Apr 9 low.
  • The latest move lower in USDBRL appears to be a correction, however, support around the 50-day EMA, at 5.0684, has recently been pierced. A clear breach of this average would strengthen a short-term bearish theme and signal scope for a deeper retracement - this would open 4.9984, the Apr 10 low. Key short-term resistance has been defined at 5.1969, the Apr 30 high. A break of this hurdle would reinstate a bullish theme.
  • USDCLP is trading closer to its recent lows. Price has recently breached an important support at 935.63, the Mar 15 low. A clear break of this level would highlight a stronger reversal and signal scope for an extension towards 922.80 initially, 50.0% of the Dec 1 ‘23 - Feb 26 bull leg. Key short-term resistance has been defined at 961.08, the Apr 30 high, where a break is required to undermine the developing bearish threat. Clearance of this level would expose the key medium-term resistance at 990.67, the Feb 26 high.
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