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Price Signal Summary: USDMXN Bears Eye The 19.7274 Bear Trigger

LATAM FX
  • USDMXN is trading lower and extending the move down from 20.1950, the Apr 6 low and attention is on the Apr 4 low of 19.7274. The trend outlook is bearish and recent short-term gains are considered corrective. A break of 19.7274 would confirm a resumption of the downtrend and pave the way for a move towards 19.5494, the Jan 21 2021 low. Key short-term resistance is at 20.1950.
  • The USDBRL primary trend direction remains down. The recent break lower on Apr 1 marked a resumption of the downtrend. 4.6000 has been probed and this opens 4.5439 next, 1.236 projection of the Mar - Jun - Dec 2021 price swing. The 20-day EMA at 4.8030 remains the key short-term resistance.
  • USDCLP traded higher last week and again Monday. The pair is holding onto the bulk of its recent gains. Price has traded through the 50-day EMA and has probed resistance at 818.60, the Mar 15 high. A clear break of this level would signal scope for a stronger rally and open 832.75, the Feb 7 high. Initial support is seen at 797.39, the 20-day EMA. Key support is at 771.89, Mar 29 low.
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