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Price Signal Summary - USDCLP Tests Resistance At The 50-Day EMA

LATAM FX
  • USDMXN traded sharply higher last week and the pair is holding on to its recent gains. The latest rally cancels a recent bearish theme and has resulted in a break of 18.2137, the Apr 19 high. This confirms a resumption of the broader uptrend that started Apr 9. 18.5129, 38.2% of the Nov 26 ‘21 - Apr 9 ‘24 bear cycle, has been cleared too. Sights are on 18.7976, the Mar 24 ‘23 high. Support to watch lies at 17.3495, the 20-day EMA.
  • USDBRL bulls remain in the driver’s seat. Last week’s bullish extension reinforces this theme. The move higher resulted in a print above key resistance at 5.2869, the Apr 16 high and bull trigger. The clear break of this hurdle confirms a resumption of the uptrend and opens the 5.40 handle next. Note that 5.3330, 76.4% of the Nov 17 ‘22 - Jul 28 ‘23 bear cycle, has also been cleared. A break of 5.40 would open 5.4286, the Jan 5 2023 high. On the downside, initial support to watch lies at 5.2207, the 20-day EMA.
  • A bear trend in USDCLP remains intact and recent bearish price action reinforces current conditions. The latest recovery appears to be a correction - for now. The 20-day EMA has been pierced. The next Important resistance is seen at 926.64, the 50-day EMA. It has been tested. A clear break of it would signal scope for a stronger correction towards 940.93, May 8 high. For bears, the break in early May of support at 935.63, the Mar 15 low, marked an important technical breach and highlighted a stronger reversal. 886.96, the 76.4% retracement of the Dec 1 ‘23 - Feb 26 bull leg, has been pierced. A clear break would open 870.45, the Dec 29 low.
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