May 13, 2022 12:53 GMT
- USDMXN continues to trade below 20.6378, the Apr 28 high. Attention has been on the potential for a stronger recovery, and the recent bounce is encouraging for bulls. 20.6378 is the key short-term resistance and bull trigger. A break would set the scene for a climb towards 20.8028, 61.8% of the downleg between Mar 8 - Apr 4. A resumption of bearish activity would instead expose key support at 19.7274, Apr 4 low. Initial firm support lies at 20.0014, the May 4 low.
- USDBRL maintains a bullish short-term tone. This week’s gains have confirmed a resumption of the uptrend that started Apr 5. Price remains above the 20- and 50-day EMAs and is eyeing resistance at 5.2190, the Mar 2 high, and 5.3083, 61.8% of the downleg between Dec 21 2021 - Apr 5. On the downside, firm short-term support is seen at 4.8597, the Apr 29 low.
- USDCLP maintains a firmer tone and is holding on to the bulk of its recent gains. 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 been cleared, this opens 876.15, the Dec 20 high and the next key resistance. Initial support lies at 847.02, the 20-day EMA.