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Price Signal Summary - USDCLP Recovery Reinforces Bullish Conditions

LATAM FX
  • The trend direction in USDMXN is unchanged and remains bearish. Last week’s fresh trend low reinforces current conditions and once again marked a resumption of the downtrend. Note that moving average studies are in a bear mode position, highlighting a clear bear trend.The latest recovery from 16.2616, the Apr 9 low, appears to be a correction. A resumption of weakness would open 16.2159, the 1.50 projection of the Dec 5 - Jan 8 - Jan 17 price swing. The 1.618 projection lies at 16.1238. On the upside, initial resistance is at 16.7700, the 50-day EMA.
  • A bullish theme in USDBRL remains intact and last week’s gains reinforce current conditions. The rally off last Wednesday’s low has resulted in a break of 5.0915, the Apr 3 high, to confirm a resumption of the bull cycle that started late December last year. The 5.10 handle has been cleared and this signals scope for a climb towards 5.2202, the Oct 6 ‘23 high. Today’s gains reinforce current conditions. On the downside, initial firm support lies at 5.0346, the 20-day EMA.
  • The USDCLP medium-term trend condition remains bullish and the recovery last week is a positive development. Support to watch lies at 935.63, the Mar 15 low. A clear break of this level would highlight a stronger reversal and signal scope for an extension towards 922.80 initially, 50.0% of the Dec 1 ‘23 - Feb 26 bull leg. On the upside, a break of resistance and the bull trigger at 990.67, the Feb 26 high, would confirm a resumption of the uptrend and open 1000.00.
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