MNI China Daily Summary: Thursday, April 18

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Price Signal Summary - USDCLP Bears Remain In The Driver’s Seat

LATAM FX
  • Price action in USDMXN on Jan 18 continues to signal potential for a short-term corrective bounce. The broader trend direction is down, however, a recovery would be seen as a healthy correction and would allow an oversold trend condition to unwind. The price pattern on Jan 18 is a bullish engulfing candle - a reversal signal. Attention is on the 20-day EMA, at 19.0184, where a break would open 19.2844, the 50-day EMA. On the downside, 18.5667, the Jan 18 low, marks the near-term bear trigger. A break would instead confirm a resumption of the downtrend and open 18.4767, the 1.618 projection of the Jul 14 - Sep 12 - Sep 28 price swing.
  • USDBRL has traded lower this week. Price remains inside a broad range. The move lower this year has signalled potential for a move towards 5.0108, the Aug 29/30 low and a key support. A break of this level would represent an important bearish break. A resumption of gains would refocus attention on resistance at 5.5296, the Nov 17 high.
  • The USDCLP outlook remains bearish and the pair is trading at its recent lows. Recent fresh cycle lows confirm a resumption of the downtrend and maintain the bearish price sequence of lower lows and lower highs. The continuation lower has exposed the 800.00 handle that has been pierced. A clear break of this level would open 788.95, the Apr 6 low. On the upside, initial resistance is seen at 830.29, the 20-day EMA.
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