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Price Signal Summary: USDMXN key Support Remains Exposed

LATAM FX
  • USDMXN is trading at its recent lows. The pair maintains a softer tone and remains below resistance at 20.6378, the Apr 28 high. Price last week breached support at 20.0014, May 4 low. This undermines a recent bullish theme and exposes key support at 19.7274, the Apr 4 low. A break would confirm a resumption of a bear cycle that started on Nov 26 last year. On the upside, clearance of 20.6378, the Apr 28 high, is still required to reinstate a bullish theme. Initial resistance is at 20.1975, the 50-day EMA.
  • USDBRL maintains a bullish short-term tone and the latest pullback is still considered corrective. However, the pair remains weaker and yesterday, traded lower once again. Price has breached support at 4.8597, the Apr 29 low. A move through the 4.80 handle would strengthen the current bearish cycle and signal scope for 4.5836, Apr 5 low and a key support. Key resistance has been defined at 5.2090, May 12 high. Initial resistance is at 4.9669, the 50-day EMA.
  • The current retracement in USDCLP remains in play and the pair is trading at its recent lows. Price has breached both the 20- and 50-day EMAs, signalling scope for an extension lower. This would open 821.74, 50.0% of the Mar 29 - May 12 upleg. The 61.8% level intersects at 821.74. The current pullback is still considered corrective. The key resistance is at 871.60, May 12 high where a break would resume the uptrend. Initial resistance is at 855.10, the May 18 high.
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