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Price Signal Summary - USDMXN Clears Key Support

LATAM FX
  • The USDMXN downtrend remains intact. 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. The pair remains below resistance at the 50-day EMA, which intersects at 17.8861. This is a key short-term hurdle for bulls, where a break would signal a short-term reversal.
  • USDBRL traded higher on May 31, but failed to hold on to its gains and has since traded lower. The reversal from the high means that price failed to confirm a clear break of resistance at 5.0891, the Apr 19 high, and the price pattern that day is a shooting star candle - a bearish reversal signal. This signals scope for weakness to 4.8859, the May 15 low and key support. A break would confirm a resumption of the downtrend and open 4.8000. For bulls, clearance of 5.1277, the May 31 high, is required to reinstate a bullish theme.
  • USDCLP recently pierced 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 level 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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