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Price Signal Summary - USDCLP Trend Needle Still Points South

LATAM FX
  • Despite the pullback in USDMXN on Tuesday, the trend outlook remains bullish. This follows the recent reversal from 19.0401, Nov 29 low. Two important Japanese candlestick patterns highlighted this 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 19.3489, the Dec 5 low.
  • USDBRL is firmer and is holding on to its most recent gains. However, the pair remains below the Nov highs. Price, in November, 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, was breached on Nov 30. The move lower exposes 5.0108, the Sep 29 / 30 low. Short-term gains are considered corrective - for now.
  • USDCLP is trading closer to its recent lows and sights are on support at $849.75, the Sep 5 low. This level has recently been pierced, a clear break 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 $909.46, the 50-day EMA.
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