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Price Signal Summary: USDMXN Approaches The 50-Day EMA

LATAM FX
  • The recent pullback in USDMXN is considered corrective. However, the pair has traded below the 20-day EMA and this has exposed support at the 50-day EMA. This average intersects at 20.2553. A clear breach of the 50-day EMA would signal scope for a deeper pullback, towards the 20.00 handle. For bulls, the trigger for a resumption of gains is 21.0535, the Jul 14 high.
  • USDBRL trend conditions remain bullish and the pair is holding on to the bulk of its recent gains. Moving average studies are in a bull mode condition, reinforcing bullish conditions. The focus is on 5.5245 next, the Jan 24 high, ahead of the 5.60 handle. On the downside, initial support is seen at 5.3057, the 20-day EMA. Support below this average, is at 5.2511, the Jul 8 low.
  • USDCLP has reversed sharply lower from last week’s high of 1061.00 (Jul 14). Support at the 20-day EMA has been breached. A continuation lower would open the 50-day EMA that lies at 903.10. Moving average studies continue to highlight a broader bull trend condition and for now, the current retracement is considered corrective. A resumption of gains would refocus attention on 1061.00, the Jul 14 high and bull trigger. Clearance of the 50-day EMA would instead expose 871.60, the May 12 high and a former breakout level.
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