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Price Signal Summary: USDMXN Support Lies At The 50-Day EMA

LATAM FX
  • USDMXN is trading lower today. The pullback from 21.4676, the Mar 8 high, is considered corrective. A firm support lies between; 20.7653, the 20-day EMA and 20.6653, the 50-day EMA. The former has been breached and the 50-day average is seen as the firmer support. Note too that the 61.8% retracement of the Feb 23 - Mar 8 rally is at 20.6581, reinforcing the importance of the 50-day EMA as a support. A break of it would signal scope for a deeper pullback. On the upside, the bull trigger, for a resumption of bullish activity, is at 21.4676.
  • USDBRL continues to trade above recent lows. Trend conditions remain bearish and further downside is likely near-term. The pair traded to a fresh cycle low last week. Scope is seen for a move towards 4.8934, the Jun 25, 2021 low. Resistance is at 5.2190, the Mar 2 high.
  • USDCLP remains inside its recent range. The pair is trading below the Feb 24 high of 824.50. Trend conditions are bearish and short-term gains are considered corrective. Firm resistance is at 832.75, the Feb 7 high. The bear trigger is 783.51, Feb 23 low. A break would open 783.23, 50.0% of the May - Dec 2021 upleg ahead of the 780.00 handle initially.
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