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Price Signal Summary - USDMXN Bear Flag Formation

LATAM FX
  • The USDMXN downtrend remains intact and the pair is consolidating at its recent lows. The recent sideways price action appears to be a bear flag formation. If correct, this reinforces the current downtrend. Note that moving average studies are in a bear mode set-up, highlighting current sentiment. A break lower would open the 18.00 handle. The 20-day EMA, at 18.6048, is the first resistance.
  • Short-term conditions in USDBRL appear bullish despite the 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 is trading higher today. The pair has breached resistance at $824.32, the 50-day EMA. This highlights a stronger short-term reversal and opens 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 20-day EMA, at 803.67, is the first support to watch.
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