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Price Signal Summary - USDMXN Bullish Engulfing Signals Potential S/T Reversal

LATAM FX
  • In USDMXN, the trend outlook remains bearish, however, price action on Jan 18 continues to signal potential for a short-term corrective bounce. If correct, this would allow an oversold trend condition to unwind. The price pattern that day is a bullish engulfing candle - a reversal signal. Attention is on the 20-day EMA, at 19.0427, where a break would open 19.3046, the 50-day EMA. On the downside, 18.5667, the Jan 18 low, marks the near-term bear trigger. A break would confirm a resumption of the downtrend and open 18.4767, the 1.618 projection of the Jul 14 - Sep 12 - Sep 28 price swing.
  • USDBRL continues to trade inside a broad range. Recent weakness has signalled potential for a move towards 5.0108, the Aug 29/30 low and a key support. A break of this level would represent an important bearish break. The pair traded higher last Wednesday. A resumption of gains would refocus attention on resistance at 5.5296, the Nov 17 high.
  • The USDCLP outlook remains bearish and the pair traded to a fresh trend low Tuesday. This confirms once again, a resumption of the downtrend and maintains the bearish price sequence of lower lows and lower highs. The continuation lower has exposed the 800.00 handle. A clear break of this level would open 788.95, the Apr 6 low. On the upside, initial resistance is seen at 833.21, the 20-day EMA.
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