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Price Signal Summary - USDMXN Tests Support At The 20-Day EMA

LATAM FX
  • The current bull cycle in USDMXN remains in play and the pullback from the Jun 12 high still appears to be a correction. The latest rally cancelled 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 17.9786, the 20-day EMA. It has been pierced, a clear break would expose the 50-day EMA at 17.5048.
  • USDBRL bulls remain in the driver’s seat and the pair traded to a fresh cycle high once again, last week. 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 5.3421, the 20-day EMA.
  • USDCLP maintains a firmer tone and the contract is trading higher today. Price recently traded above the 50-day EMA - at 928.46. This strengthened the short-term bullish condition and signals scope for a stronger recovery near-term. Sights are on 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 and open 964.03, the 76.4% retracement point. Note that moving average studies remain in a bear-mode position. This suggests that the recent recovery is potentially a correction. First support to watch lies at 908.75, the Jun 12 low. The key support and bear trigger lies at 881.73, the May 20 low.
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