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Price Signal Summary: USDCLP Correction Extends

LATAM FX
  • USDMXN maintains a softer tone and continues to trade below resistance at 20.6378, the Apr 28 high. The pair has this week breached support at 20.0014, the May 4 low. This undermines a recent bullish theme and instead exposes key support at 19.7274, the Apr 4 low. A break of this level would confirm a resumption of a bear cycle that started on Nov 26 last year. On the upside, clearance of 20.6378, the Apr 28 high, is required to reinstate a bullish theme. Initial resistance is at 20.2374, the 50-day EMA.
  • USDBRL maintains a bullish short-term tone and the current pullback is still considered corrective. Last week’s cycle high of 5.2090 on May 12, confirmed a resumption of the uptrend that has been in place since Apr 5. Potential is seen for a climb towards 5.3083, 61.8% of the downleg between Dec 21 2021 and Apr 5. On the downside, firm short-term support to watch lies at 4.8597, the Apr 29 low. A break would alter the picture and suggest potential for a deeper retracement.
  • USDCLP maintains a bullish theme despite pulling away from its recent highs. Moving average studies remain in a bull mode and the bullish price sequence of higher highs and higher lows (since Mar 29) remains intact. The 860.00 handle has recently been cleared, this opens 876.15, the Dec 20 high and the next key resistance. On the downside, the 20-day EMA has been breached. The next support lies at 832.65, the 50-day EMA.
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