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Price Signal Summary: USDCLP Has Cleared Both The 20- And 50-Day EMAs

LATAM FX
  • USDMXN has traded lower today. The pair maintains a softer tone and remains below resistance at 20.6378, the Apr 28 high. Price last week breached support at 20.0014, the May 4 low. This undermines a recent bullish theme and 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 still required to reinstate a bullish theme. Initial resistance is at 20.2106, the 50-day EMA.
  • USDBRL maintains a bullish short-term tone and the latest pullback is still considered corrective. However, the pair continues to weaken and price has traded below support at 4.8597, the Apr 29 low. A move through the 4.80 handle would strengthen the current bearish cycle and signal scope for weakness towards 4.5836, Apr 5 low and a key support. Key resistance has been defined at 5.2090, May 12 high. Initial resistance is at 4.9731, the 50-day EMA.
  • The latest bearish retracement in USDCLP remains in play and the pair is trading at its recent lows. Price has breached both the 20- and 50-day EMAs signalling scope for an extension lower. This would open 821.74, 50.0% of the Mar 29 - May 12 upleg. The 61.8% level intersects at 821.74. The current pullback is still considered corrective. The key resistance is at 871.60, May 12 high where a break would resume the uptrend. Initial resistance is at 855.10, the May 18 high.
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