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Price Signal Summary - USDMXN Pullback Appears To Be A Correction

LATAM FX
  • The current bull cycle in USDMXN remains in play and the pullback from the Jun 12 high is considered corrective. The latest rally cancels a recent bearish theme and resulted in a break of 18.2137, the Apr 19 high.. A resumption of gains would open the 19.00 handle and if this level gives way, it would expose 19.2083, the 50.0% retracement point of the Nov 26 ‘21 - Apr 9 ‘24 bear cycle. Support to watch lies at 17.9673, the 20-day EMA.
  • USDBRL bulls remain in the driver’s seat and the pair traded to a fresh cycle high once again, Wednesday. Recent gains have resulted in a break of key resistance at 5.2869, the Apr 16 high and a bull trigger. The clear break of this hurdle confirms a resumption of the uptrend and opens 5.5296, the Nov 17 2022 high and a key resistance. On the downside, initial support to watch lies at 5.3270, the 20-day EMA.
  • USDCLP has recently traded above the 50-day EMA - at 927.15. This strengthens the short-term bullish condition and signals scope for a stronger recovery near-term. Scope is seen for a climb towards 948.30, 61.8% of the bear leg between Apr 16 and May 20. Clearance of this retracement point would further strengthen a bullish condition. Note that moving average studies remain in a bear-mode position. This suggests that the recent recovery is likely a correction. First support to watch lies at 900.00, the May 6 low. The key support and bear trigger lies at 881.73, the May 20 low.
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