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Free AccessPrice Signal Summary - USDCLP Trend Needle Points South
- The trend outlook in USDMXN is unchanged and remains bearish. Recent short-term gains appear to have been a correction and the move lower since Dec 5, reinforces a bearish theme. Moving average studies are in a bear-mode position too, highlighting a downtrend. The recent breach of support at 17.2833, the Nov 3 low, confirmed a resumption of the current bear cycle and opens 16.9988, the Sep 20 low. Clearance of this level would signal scope for a move towards 16.6262, the Jul 28 low. Initial firm resistance is at 17.5653, the Dec 5 high.
- USDBRL is trading lower but remains inside its recent range. 2The trend direction is down and price action since Nov 16 is considered corrective. Note that resistance at 4.9535, the Nov 10 high, has been pierced. A clear break of this level would ease bearish pressure. This would expose 5.0696, the Oct 31 high. For bears, recent weakness resulted in a clear break of 4.8590 support, the Nov 7 low. The move lower confirmed a resumption of the downtrend and signals scope for an extension towards 4.8200, 76.4% of the Jul 28 - Oct 6 upleg, and the 4.8000 handle.
- The trend outlook in USDCLP remains bearish and the recent shallow recovery is considered corrective. Key short-term support at 873.00, the Nov 3 low, has been cleared. The break of this level strengthens a bearish threat and signals scope for a deeper retracement towards 837.45, the Aug 25 low. For bulls, clearance of 924.67, the Nov 13 high, would expose key resistance at 955.00, the Oct 16 high. Initial resistance is at $883.44, the 50-day EMA.
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Why MNI
MNI is the leading provider
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