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Price Signal Summary - USDCLP Bull Cycle Extends

LATAM FX
  • The current bull cycle in USDMXN remains in play. The latest rally cancels a recent bearish theme and has also resulted in a break of 18.2137, the Apr 19 high. This confirms a resumption of the broader uptrend that started Apr 9. 18.5129, 38.2% of the Nov 26 ‘21 - Apr 9 ‘24 bear cycle, has been cleared too. Sights are on the 19.00 handle and if this level gives way, it would open 19.2083, the 50.0% retracement point. Support to watch lies at 17.7394, the 20-day EMA.
  • USDBRL bulls remain in the driver’s seat. Recent gains have resulted in a break of key resistance at 5.2869, the Apr 16 high and a bull trigger. The clear break of this hurdle confirms a resumption of the uptrend and opens 5.4787, the Jan 4 2023 high. On the downside, initial support to watch lies at 5.2732, the 20-day EMA.
  • USDCLP ended last week on a bullish note, breaking and closing above resistance at the 50-day EMA - at 926.11. This strengthens the short-term bullish condition and signals scope for a stronger recovery near-ter. Scope is seen for a climb towards 948.30, 61.8% of the bear leg between Apr 16 and May 20. Clearance of this retracement point would further strengthen a bullish condition. Note that moving average studies remain in a bear-mode position. This suggests that the recent recovery remains a correction. First support to watch lies at 900.00, the May 6 low. The key support and bear trigger lies at 881.73, the May 20 low.
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