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Price Signal Summary: USDCLP Key Support Lies At The 50-Day EMA

LATAM FX
  • USDMXN remains above last week’s low of $20.3180 (Jul 19). The recent pullback is still considered corrective. Attention however is on support around the 50-day EMA - the average intersects at 20.3132. A clear break of this average would signal scope for a deeper pullback towards 20.00 initially. For bulls, the trigger for a resumption of gains is 21.0535, the Jul 14 high. Initial resistance is at 20.7236, the Jul 22 high.
  • USDBRL is trading lower today as the pair extends the pullback from 5.5142, the Jul 21 low. Trend conditions remain bullish though and the move lower is likely a correction. The next support to watch lies at 5.2511, the Jul 8 low. The 50-day EMA is at 5.2176. For bulls, a break of 5.5142 would confirm a resumption of the uptrend.
  • USDCLP recently reversed sharply lower from 1061.00, the Jul 14 high. Support at the 20-day EMA has been breached, however, support at the 50-day EMA remains intact - for now. The average intersects at 909.44. A strong reversal from recent lows would suggest the sharp correction is over. This would open 1009.50 initially, the Jul 15 low. On the downside, a break of the 50-day EMA would instead signal scope for a deeper sell-off and open 871.60, the May 12 high.
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