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

LATAM FX
  • USDMXN maintains a softer tone following last week's sharp sell-off. The 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 20.3144. 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.
  • USDBRL remains in a corrective cycle and 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 has been defined at 5.4342, Oct 15 low.
  • USDCLP is unchanged and still trading 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, intersects at 799.94.
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