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Price Signal Summary - USDMXN Trend Needle Still Points South

LATAM FX
  • The trend condition in USDMXN is unchanged and remains bearish. The pair is trading closer to its recent lows and the recent breach of 19.7533, the Sep 12 low and 19.4136, the May 30 low and a key support, has strengthened the case for bears. Moving average studies are in a bear mode position too, highlighting 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 19.5804 the 20-day EMA.
  • USDBRL spiked higher last Thursday and in the process 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 would cancel a recent bearish theme and instead signal scope for a stronger move higher near-term. This would open 5.5823, the Jan 18 high. Initial firm support is seen at 5.2445, the Nov 10 low.
  • USDCLP has gapped higher today and is starting the week on a firmer note. This marks an extension of recent gains and undermines a recent bearish theme. Resistance to watch is at 958.44, the Nov 3 high. A break of this level would signal scope for a stronger recovery and expose 996.97, the Sep 26 high. Key support and the bear trigger lies at 880.85
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