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Price Signal Summary - USDMXN Clears Support

LATAM FX
  • The USDMXN outlook remains bearish. The pair is trading lower today and importantly, has cleared support at 19.7533, the Sep 12 low. The break confirms the end of a period of consolidation that started mid-August. It also confirms a resumption of the downtrend that started Jul 14. This opens 19.6185, the Jun 10 low and 19.4136 further out, the May 30 low. Key short-term resistance has been defined at 20.1759, the Oct 19 high. Initial resistance is at 19.9603, the 20-day EMA.
  • USDBRL traded sharply lower Monday. This keeps price inside a broad range between resistance at 5.4286, the Sep 29 high and support at 5.1121, the Oct 4 low. A break of support would signal scope for weakness towards 5.0108, the Aug 29 low. Initial resistance is at 5.2663, the 20-day EMA.
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