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Price Signal Summary - USDMXN Path Of Least Resistance Remains Down

LATAM FX
  • The path of least resistance is USDMXN remains down and the pair is trading at its recent lows. The bearish extension last week and fresh lows this week, reinforces the current downtrend. The move lower also confirms a continuation of the broader bearish price sequence of lower lows and lower highs and moving average studies remain in a bear mode set-up. The focus is on 17.5746, the Aug 25 2017 low. The 20-day EMA, at 18.3241, is the first resistance.
  • USDBRL is trading lower, however, short-term conditions are unchanged and still appear bullish despite the recent pullback from 5.3073, the Feb 10 high. A resumption of gains would open 5.3518 next, the 76.4% retracement of the Jan 4 - Feb 2 bear leg. On the downside, initial support to watch lies at 5.1106, the Feb 23 low. A break of this level would instead signal scope for a return to 4.9410, the Feb 2 low.
  • USDCLP breached the 800.00 handle Tuesday. A continuation lower would expose support and the bear trigger at 776.28, the Mar 2 low. Clearance of this level would confirm a resumption of the broader downtrend and this would open 771.89, the Mar 29 2022 low. Key resistance has been defined at 836.45, the Feb 27 high, where a break is required to reinstate the recent bullish theme.
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