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Price Signal Summary: USDMXN Trend Needle Still Points North

LATAM FX
  • USDMXN traded higher last week and has also touched fresh highs this week - 20.5367 on Wednesday. A bullish theme remains intact - recent gains have resulted in a break of 20.1950, the Apr 6 high, and price has also traded above the 50-day EMA. Note too that a double bottom reversal pattern has also been confirmed on the daily chart, reinforcing a short-term bull theme. Attention is on the 50.0% Fibonacci retracement of the Mar-Apr range, at 20.5975. Clearance of this level would open 20.8028, the 61.8% retracement. Key support has been defined at 19.7274, the Apr 4 low.
  • USDBRL is firmer following Friday’s gains and this week’s follow through. A move higher is considered corrective - for now - however there is potential for an extension of the recent bounce. The pair is once again trading above the 20- and 50-day EMAs. A continuation higher would open 5.1689, the Mar 15 high. Initial support is seen at 4.7989, the 20-day EMA.
  • USDCLP maintains a firmer tone. Recent gains have resulted in a break of resistance at 823.72, Apr 11 high, and this confirms an extension of the current bull cycle that started Mar 29. Potential is seen for a climb above the 860.00 handle, towards 876.15, the Dec 20 high. Firm support has been defined at 799.53, the Apr 13 low. Initial support lies at 823.72.
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