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Price Signal Summary: USDMXN Bear Cycle Remains Intact

LATAM FX
  • USDMXN continues to trade lower and extend this week’s bearish theme. The pullback from 21.4676, Mar 8 high, is considered corrective though. However, the pair has breached both the 20- and 50-day EMAs and this signals potential for a deeper short-term pullback. The next support lies at 20.4668, 76.4% of the recent rally between Feb 23 - Mar 8. It has been tested and a clear break would expose 20.1577, the Feb 23 low. On the upside, the bull trigger, for a resumption of bullish activity, is at 21.4676. Initial firm resistance is at 21.0648, the Mar 10 high.
  • USDBRL continues to trade above its recent low of 4.9846, the Mar 11 low. Trend signals, such as moving average studies, remain bearish and further downside is likely near-term. Scope is seen for a move towards 4.8934, the Jun 25, 2021 low. Resistance is unchanged at 5.2190, the Mar 2 high.
  • USDCLP is still trading sideways and remains inside its recent range. The pair is trading below the Feb 24 high of 824.50. Trend conditions are bearish and short-term gains are considered corrective. Firm resistance is at 832.75, the Feb 7 high. The bear trigger is 783.51, Feb 23 low. A break would open 783.23, 50.0% of the May - Dec 2021 upleg ahead of the 780.00 handle initially.
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