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Price Signal Summary: USDMXN Gains Suggest Scope For An Extension Higher

LATAM FX
  • USDMXN has traded higher, extending Friday’s gains. This has resulted in a break of resistance at 20.9141, the Jan 28 high. The break of this level weakens the recent bearish threat and suggests scope for an extension higher with the focus on 21.3920, 61.8% of the Nov 26 - Feb 23 downleg. Firm support is seen at 20.5753, the 50-day EMA. A break below this average would reinstate a bearish focus.
  • USDBRL trend conditions remain bearish following bearish conditions in January and February. Last Wednesday’s attempt to break the 20-day EMA failed and the reversal lower reinforces current trend conditions, signalling the end of the recent corrective bounce. Scope is seen for weakness towards 4.8934, the Jun 25, 2021 low. Resistance is at 5.2190, the Mar 2 high. The bear trigger is 4.9943, the Mar 23 low.
  • USDCLP continues to consolidate. The pair rallied higher on Feb 24 having bounced off 783.51, Feb 23 low. Price has pulled back though. Trend conditions remain bearish and short-term gains at this stage are considered corrective. The 50-day EMA at 812.60 has recently been probed but still offers a firm resistance area ahead of 832.75, the Feb 7 high. The bear trigger is 783.51. A break would open 783.23, the 50.0% retracement of the May - Dec 2021 upleg ahead of the 780.00 handle initially.
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