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Price Signal Summary - USDMXN Reversal Extends

LATAM FX
  • USDMXN is trading sharply higher today, as the pair extends the reversal that started May 21. The rally cancels a recent bearish theme and has resulted in price trading through 17.5698, 61.8% of the Apr 19 - May 21 downleg. This signals potential for a climb towards 17.8159, the 76.4% retracement point. A break of 17.8159 would reinforce bullish conditions and open 18.2137, the Apr 19 high. Support to watch lies at 16.8799, the 20-day EMA. ycle and open 16.2616, the Apr 9 low, a key support and bear trigger.
  • The recent pullback in USDBRL, since Apr 16, appears to have been a correction and last week’s gains signal the end of the correction. The pair has breached resistance at 5.1969, the Apr 30 high. The break is a bullish development and signals scope for a climb towards 5.2869, the Apr 16 high and the next key resistance. Support to watch is the 50-day EMA, currently at 5.1102. It has recently been pierced. A clear breach of the average would instead signal scope for a deeper retracement.
  • A bear trend in USDCLP remains intact and recent bearish price action reinforces current conditions. The break in early May of support at 935.63, the Mar 15 low, marked an important technical breach and highlighted a stronger reversal. 886.96, the 76.4% retracement of the Dec 1 ‘23 - Feb 26 bull leg, has been pierced. A clear break would open 870.45, the Dec 29 low. The latest recovery appears to be a correction - for now. The 20-day EMA has been pierced. The next resistance to watch is 930.62, the 50-day EMA.
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EM BulletHomepagemarkets-real-timeBulletEmerging Market News

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