November 15, 2022 14:02 GMT
Price Signal Summary - USDMXN Trend Needle Still Points South
- The trend direction in USDMXN remains down and the pair is trading lower today. Recent weakness resulted in a break of support at 19.7533, the Sep 12 low and 19.4136, the May 30 low and a key support. Moving average studies are in a bear mode position, highlighting the current sentiment. The focus is on 19.1560, the Mar 3 2020 low ahead of 19.0000. Key short-term resistance has been defined at 20.1759, the Oct 19 high. Initial resistance is at 19.6711 the 20-day EMA.
- The USDCLP short-term outlook remains bearish. The 50-day EMA has recently been breached. The break signals potential for a deeper pullback and this has exposed 871.94, the Sep 9 low, ahead of 849.75, the Sep 5 low. Key resistance is at 996.97, the Sep 26 high. Clearance of this level would be bullish and open 1000.00 and 1061.00 further out, the Jul 14 high. Initial firm resistance is at 958.44, the Nov 3 high.