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Price Signal Summary - USDMXN Trend Outlook Remains Bearish

LATAM FX
  • The trend outlook in USDMXN remains bearish - moving average studies are in a bear mode position highlighting a downtrend and price is trading closer to its recent lows. Price has pierced the 18.00 handle and this has exposed the next key support at 17.8981, the Mar 9 low. A breach of this level would open 17.5746, the Aug 25 2017 low. Key resistance and the bull trigger has been defined at 19.2322. Initial firm resistance is at 18.4485, the 50-day EMA
  • USDBRL conditions remain bearish - the pair traded sharply lower on Wednesday resulting in a break of key support at 4.9410, the Feb 2 low. This confirms a resumption of the broader bear cycle that started on Nov 17 last year. The move lower opens 4.8889, 76.4% of the May - Nov 2022 bull phase. A break of this level would open 4.8478, the Jun 8 2022 low. Initial firm resistance is seen at 5.0885, the 20-day EMA.
  • Recently - late March - USDCLP briefly traded below $789.00, the Mar 7 low, before finding support at 783.10, the Mar 31 low. The pair has traded lower this week, however, a resumption of gains would refocus attention on key short-term resistance at 837.15, the Mar 17 high. A break of this level would be a bullish development. On the downside, the key bear trigger lies at 776.28, the Feb 3 low.
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