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Price Signal Summary: USDCLP Is Holding Onto Recent Gains And Testing Resistance

LATAM FX
  • USDMXN is consolidating and remains above the recent low of 19.7274, on Apr 4. The trend outlook is bearish and short-term gains are considered corrective. The recent move lower, together with a break of 20.00, reinforced bearish conditions. Moving average studies remain in a bear mode, highlighting current sentiment. The focus is on 19.7059, the Jun 25, 2021 low. Resistance to watch is at 20.3757, the 50-day EMA.
  • USDBRL remains in a downtrend. The break lower on Apr 1 marked a resumption of the downtrend. 4.6000 has been probed and this opens 4.5439 next, 1.236 projection of the Mar - Jun - Dec 2021 price swing. The 20-day EMA at 4.8142 remains the key short-term resistance. Short-term gains are considered corrective.
  • USDCLP traded higher last week and is holding onto its recent gains. The recovery is considered corrective, however, the pair has traded through the 50-day EMA and price is testing resistance at 818.60, the Mar 15 high. A clear break of this level would signal scope for a stronger rally and open 832.75, the Feb 7 high. Initial support is seen at 795.30, the 20-day EMA. Key support is at 771.89, Mar 29 low.
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