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Price Signal Summary - USDCLP Bull Cycle Remains In Play

LATAM FX
  • A bull cycle in USDMXN remains in play and the most recent pullback, from the Jun 12 high, still appears to be a correction. The recovery from Monday’s low is a positive development, signalling the possible end of the corrective phase. Support to watch lies at 18.0626, the 20-day EMA. It has been pierced, a clear break would expose the 50-day EMA at 17.945. The rally earlier this month resulted in a break of 18.2137, the Apr 19 high, strengthening a bullish condition. A resumption of gains would open the 19.00 handle and if this level gives way, it would expose 19.2083, the 50.0% retracement point of the Nov 26 ‘21 - Apr 9 ‘24 bear cycle.
  • Bullish conditions in USDBRL remain intact and a fresh cycle high yesterday, confirms a resumption of the uptrend once again. 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 that hurdle confirmed a continuation of the medium-term uptrend. This opened 5.5296, the Nov 17 2022 high and a key resistance. It has been pierced, a clear break would open the 5.60 handle. On the downside, initial support to watch lies at 5.3812, the 20-day EMA.
  • USDCLP maintains a firmer tone and the contract traded higher yesterday. Price recently cleared the 50-day EMA. This strengthened the current short-term bullish condition and signals scope for a stronger recovery near-term. Sights are on 964.03, 76.4% of the bear leg between Apr 16 and May 20. First support to watch lies at 908.75, the Jun 12 low. The key support and bear trigger lies at 881.73, the May 20 low.
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