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Price Signal Summary: USDMXN Trades Below Key Support

LATAM FX
  • USDMXN is trading lower today. The pair is pushing through key support at 19.7274, the Apr 4 low. A clear breach would highlight an important technical break and confirm a resumption of a bear cycle that started on Nov 26 last year. This would open 19.5987, the Jun 9 2021 low. On the upside, clearance of 20.6378, Apr 28 high, is still required to reinstate a bullish theme. Initial resistance is at 20.1540, the 50-day EMA.
  • USDBRL remains soft and is trading at its recent low. Price has recently breached support at 4.8597, the Apr 29 low. A clear break of the 4.80 handle would strengthen the current bearish cycle and signal scope for 4.5836, Apr 5 low and a key support. Key resistance has been defined at 5.2090, May 12 high. Initial resistance is at 4.9485, the 50-day EMA.
  • USDCLP continues to weaken and extend the current bear cycle. Price has breached both the 20- and 50-day EMAs, signalling scope for an extension lower. This opens 821.74, 50.0% of the Mar 29 - May 12 upleg and price has reached this level today. The 61.8% level intersects at 809.98. The current pullback is still considered corrective. The key resistance is at 871.60, May 12 high where a break would resume the uptrend. Initial resistance is at 841.27, the 20-day EMA.
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