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Price Signal Summary - USDMXN Bear Leg Extends

LATAM FX
  • The trend direction in USDMXN is unchanged and remains bearish. Support at 16.6468, the Mar 14 low and bear trigger, has recently been cleared. The break maintains the price sequence of lower lows and lower highs and note too that moving average studies are in a bear mode position, highlighting a clear downtrend. The pair is trading lower today. This opens 16.3079, the 1.382 projection of the Dec 5 - Jan 8 - Jan 17 price swing. On the upside, key resistance has been defined at 16.9473, the Mar 19 high. First resistance is 16.6833, the 20-day EMA.
  • A bullish theme in USDBRL remains intact and last week’s cycle high, reinforces current conditions. Resistance at 5.0548, the Mar 19 high has been breached and this highlights a resumption of the uptrend that started Dec 27. 5.0609, 61.8% of the Oct 6 - Dec 27 bear leg, has been cleared. A continuation higher would open 5.0983, the Oct 20 ‘23 high ahead of the 76.4% retracement point at 5.1218. The 50-day EMA - at 4.9813 - marks the key support. A clear break of this EMA would threaten bullish conditions and expose 4.9187, the Feb 22 low.
  • The USDCLP medium-term trend condition remains bullish. The current pullback is considered corrective - for now - and support to watch lies at 935.63, the Mar 15 low. A clear break of this level would highlight a stronger reversal and signal scope for an extension towards 922.80 initially, 50.0% of the Dec 1 ‘23 - Feb 26 bull leg. On the upside, a break of resistance and the bull trigger at 990.67, the Feb 26 high, would confirm a resumption of the uptrend and open 1000.00. Initial firm resistance is at 965.47, the 20-day EMA.
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