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Price Signal Summary: USDMXN Still Testing Support At Its 50-Day EMA

LATAM FX
  • USDMXN remains at the lower end of its recent range and maintains a softer tone. The recent move lower is considered corrective although an extension still appears likely short-term. Price has traded through the 20-day EMA and attention is on the 50-day EMA at 20.3355 that has been probed. A clear break of this latter EMA would signal scope for a deeper pullback and expose 20.1196, the Oct 26 low. Key resistance is at 20.9790, Nov 3 high. Initial resistance is at 20.6563, Nov 4 high.
  • USDBRL is still in a corrective cycle and remains below its recent high of 5.7542 on Oct 22. The trend outlook is bullish and directional signals such as moving average studies still point north. The focus is on 5.7558, the Apr 13 high and 5.8064, the Mar 29 high. Key trend support to watch has been defined at 5.4342, Oct 15 low.
  • USDCLP is lower but continues to trade sideways and the pair remains below recent highs. The outlook is bullish and scope is seen for a climb towards 834.36, 76.4% of the Mar 2020 - May 2021 downleg. Clearance of this level would open 841.17, May 6 2020 high. The 50-day EMA, as a support, at 800.05, has been probed. A clear break is required to signal scope for a deeper pullback. This would open the 780.00 handle. Initial resistance is at 818.63, Nov 3 high.
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