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LATAM FX: Price Signal Summary – USDCLP Resumes Its Uptrend

LATAM FX
BulletEM BulletEmerging Market News
  • USDMXN is unchanged and remains in consolidation mode as it trades closer to its recent lows. The trend condition is unchanged, the structure remains bullish. However, attention is on the Nov 6 pullback and the subsequent reversal lower. This continues to highlight a possible short-term top and therefore a bearish threat. Price has traded through the 20-day EMA, exposing support at the 50-day EMA, at 20.0695. A clear breach of this average would undermine the bullish theme and signal potential for a deeper retracement towards 19.7618 initially, the Nov 7 low. Resistance to watch is at 20.8313, the Nov 26 high.
  • The USDBRL bull cycle remains in play. Firm support continues to be found ahead of the 50-day EMA, intersecting now at 5.8216. A resumption of the trend would open 6.1460 and 6.1831, the 2.382 and 2.50 projection points of the Aug 19 - 30 - Sep 19 price swing. A clear break of the 50-day EMA is required to signal a short-term reversal.
  • A bull cycle in USDCLP remains in play and the latest round of gains emphasises this trend. The pair has cleared resistance at 987.92, the Nov 12 high, to confirm a resumption of the uptrend. Note too that 990.67, the Feb 26 high, has been pierced. This opens the psychological 1000.00 handle. Firm support is at 962.68, the 50-day EMA.
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  • USDMXN is unchanged and remains in consolidation mode as it trades closer to its recent lows. The trend condition is unchanged, the structure remains bullish. However, attention is on the Nov 6 pullback and the subsequent reversal lower. This continues to highlight a possible short-term top and therefore a bearish threat. Price has traded through the 20-day EMA, exposing support at the 50-day EMA, at 20.0695. A clear breach of this average would undermine the bullish theme and signal potential for a deeper retracement towards 19.7618 initially, the Nov 7 low. Resistance to watch is at 20.8313, the Nov 26 high.
  • The USDBRL bull cycle remains in play. Firm support continues to be found ahead of the 50-day EMA, intersecting now at 5.8216. A resumption of the trend would open 6.1460 and 6.1831, the 2.382 and 2.50 projection points of the Aug 19 - 30 - Sep 19 price swing. A clear break of the 50-day EMA is required to signal a short-term reversal.
  • A bull cycle in USDCLP remains in play and the latest round of gains emphasises this trend. The pair has cleared resistance at 987.92, the Nov 12 high, to confirm a resumption of the uptrend. Note too that 990.67, the Feb 26 high, has been pierced. This opens the psychological 1000.00 handle. Firm support is at 962.68, the 50-day EMA.