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Price Signal Summary - USDCLP Trend Needle Still Points South

LATAM FX
  • The USDMXN is lower today. Despite the pullback, the trend outlook remains bullish following the recent reversal from 19.0401, Nov 29 low. Two important Japanese candlestick patterns highlighted the recent reversal; a hammer formation on Nov 29 and a bullish engulfing candle on Dec 2. The subsequent rally reinforced the bullish case. The 50-day EMA has been cleared and this opens 19.9920, 61.8% of the Sep 28 - Nov 29 bear leg. Key support lies at 19.0401. Initial support is at 19.6094, the Dec 8 low.
  • USDBRL remains below its recent highs. The pair recently breached resistance at 5.4286, the Sep 29 high and pierced 5.5142, the Jul 21 high and a medium-term bull trigger. A clear break of the latter is still required to cancel a bearish theme and instead signal scope for a stronger move higher near-term. Initial firm support at 5.2445, the Nov 10 low, has been breached. The move lower exposes 5.0108, the Sep 29 / 30 low. Short-term gains are considered corrective - for now.
  • USDCLP is trading at its recent lows and is approaching support at $849.75, the Sep 5 low. A break of this level would signal scope for weakness towards $807.85, the Jun 3 low. On the upside, key short-term resistance has been defined at $956.45, the Nov 21 high. Initial resistance is at $913.17, the Dec 12 high.
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