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Price Signal Summary - USDMXN Downtrend Remains Intact

LATAM FX
  • The USDMXN downtrend remains intact. The pair has recently failed to clear resistance at the 50-day EMA, which intersects at 17.9393. This is a key short-term hurdle for bulls, where a break would signal a stronger reversal. The primary trend direction remains down and the focus is on the bear trigger at 17.4207, May 15 low. Clearance of this level would open 17.0507, the Apr 29 2016 low.
  • USDBRL traded higher Wednesday but failed to hold on to its gains and closed the session at the day low. The pair is softer today. Wednesday’s reversal from the high means that price failed to confirm a clear break of resistance at 5.0891, the Apr 19 high and Wednesday’s price pattern is a shooting star candle - a bearish reversal signal. This suggests that the recent correct cycle is over and if correct, scope exists for weakness towards 4.9358, the May 24 low and 4.8859, the May 15 low and key support. For bulls, clearance of 5.1277, Wednesday’s, is required to reinstate a bullish theme.
  • USDCLP is holding on to the bulk of its most recent gains. The pair recently pierced support at 783.10, the Mar 31 low. A clear break of 783.10, 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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