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Price Signal Summary - USDMXN Trend Needle Points North

LATAM FX
  • The trend outlook in USDMXN remains bullish. This follows the recent reversal from 19.0401, Nov 29 low. The 50-day EMA has been cleared and this opens 19.9920, 61.8% of the Sep 28 - Nov 29 bear leg. Key support lies at 19.0401. Initial support is at 19.3489, the Dec 5 low.
  • USDBRL is holding on to the bulk of its most recent gains. However, the pair remains below the Nov highs. Price, in November, breached resistance at 5.4286, the Sep 29 high and pierced 5.5142, the Jul 21 high and a medium-term bull trigger. A clear break of the latter is still required to cancel a bearish theme and instead signal scope for a stronger move higher near-term. Initial firm support at 5.2445, the Nov 10 low, was breached on Nov 30. The move lower exposes 5.0108, the Sep 29 / 30 low. Short-term gains are considered corrective - for now.
  • USDCLP has recovered from its recent low. The outlook remains bearish and gains are considered corrective. Sights are on support at $849.75, the Sep 5 low. This level has recently been pierced, a clear break would signal scope for weakness towards $807.85, the Jun 3 low. On the upside, key short-term resistance has been defined at $956.45, the Nov 21 high. Initial resistance is at $906.71, the 50-day EMA.
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