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Price Signal Summary: USDMXN Holds Above 19.7274 Bear Trigger

LATAM FX
  • USDMXN has recently extended the move down from 20.1950, the Apr 6 low and attention is on the Apr 4 low of 19.7274. The trend outlook is bearish and recent short-term gains are considered corrective. A break of 19.7274 would confirm a resumption of the downtrend and pave the way for a move towards 19.5494, the Jan 21 2021 low. Key short-term resistance is at 20.1950, the Apr 6 high.
  • The USDBRL primary trend direction remains down. The recent break lower on Apr 1 marked a resumption of the downtrend. 4.6000 was probed earlier in the week and this opens potential for 4.5439 next, 1.236 projection of the Mar - Jun - Dec 2021 price swing. The 20-day EMA at 4.7763 remains the key short-term resistance.
  • Initial support in USDCLP at the 20-day EMA held during Wednesday’s session. This moving average now resides at 800.14, closely matching yesterday’s low. Overall, USDCLP traded higher last week and is consolidating the bulk of its recent gains. Price has traded through the 50-day EMA and recently probed resistance at 818.60, the Mar 15 high. A clear break of this level would signal scope for a stronger rally and open 832.75, the Feb 7 high. Key medium-term support is at 771.89, Mar 29 low.
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