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Price Signal Summary - USDMXN Bear Cycle Extends

LATAM FX
  • The USDMXN downtrend remains intact and the pair is trading at its recent lows. The bearish extension last week confirms a recent bear flag formation on the daily chart and this reinforces the current downtrend. The move lower also confirms an extension of the broader bearish price sequence of lower lows and lower highs. Moving average studies are in a bear mode set-up, highlighting current sentiment. The focus is on 17.9401, the Apr 17, 2018 low. A break of this level would open 17.5746, the Aug 25 2017 low. The 20-day EMA, at 18.4275, is the first resistance.
  • Short-term conditions in USDBRL appear bullish despite the recent pullback from 5.3073, the Feb 10 high. A resumption of gains would open 5.3518 next, the 76.4% retracement of the Jan 4 - Feb 2 bear leg. On the downside, initial support to watch lies at 5.1106, the Feb 23 low. A break of this level would instead signal scope for a return to 4.9410, the Feb 2 low.
  • USDCLP traded higher on Feb 27 but has since pulled back. The pair has recently traded above the 50-day EMA. This highlights a stronger short-term reversal and a resumption of gains would open the 850.00 handle next. A break above 850.00 would expose 860.58, the 38.2% retracement of the Sep 26 - Feb 3 downtrend. The bear trigger lies at 776.28, the Feb 3 low.
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