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Price Signal Summary - USDMXN Bears Remain In The Driver’s Seat

LATAM FX
  • The USDMXN downtrend remains intact and the pair is trading at its recent lows. The bear trigger at 17.4207, the May 15 low, has been cleared. This confirms a resumption of the downtrend and opens 17.0507, the Apr 29 2016 low. Price remains below resistance at the 50-day EMA, which intersects at 17.8656. This is a key short-term hurdle for bulls, where a break would signal a reversal.
  • USDCLP is trading lower. The pair recently pierced (in mid-May) support at 783.10, the Mar 31 low. A clear break of this level would expose the key bear trigger at 776.28, the Feb 3 low. Clearance of this support would confirm a resumption of the broader downtrend. For now, the pair remains above the May 15 low, a stronger bounce would instead refocus attention on key short-term resistance at 837.15, the Mar 17 high.

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