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Price Signal Summary - USDMXN Bull Cycle Extension

LATAM FX
  • USDMXN has traded sharply higher today, as the pair extends the reversal that started May 21. The rally this week cancels a recent bearish theme and has resulted in price trading through 17.5698, 61.8% of the Apr 19 - May 21 downleg. Note that 17.8159, the 76.4% retracement point, has also been cleared. This opens 18.2137, the Apr 19 high. Support to watch lies at 16.9048, the 20-day EMA. Initial support is today’s intraday low of 17.5462.
  • The recent pullback in USDBRL, since Apr 16, appears to have been a correction and last week’s gains plus this week’s follow through, signal the end of the correction. The pair has breached resistance at 5.1969, the Apr 30 high. The break is a bullish development and signals scope for a climb towards 5.2869, the Apr 16 high and the next key resistance. Support to watch is the 50-day EMA, currently at 5.1155. It has recently been pierced. A clear breach of the average would instead signal scope for a deeper retracement.
  • A bear trend in USDCLP remains intact and recent bearish price action reinforces current conditions. The latest recovery appears to be a correction - for now. The 20-day EMA has been pierced. The next resistance to watch is 929.56, the 50-day EMA. For bears, the break in early May of support at 935.63, the Mar 15 low, marked an important technical breach and highlighted a stronger reversal. 886.96, the 76.4% retracement of the Dec 1 ‘23 - Feb 26 bull leg, has been pierced. A clear break would open 870.45, the Dec 29 low.
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