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Price Signal Summary - Watching Support In USDMXN

LATAM FX
  • USDMXN is trading below its most recent highs. The pair has recently moved above both the 20- and 50-day EMAs - a bullish development. Also, resistance at 17.3860, the Jan 17 high, has been tested. This level is an important reversal trigger and a clear break, if seen, would be bullish and signal scope for a climb towards 17.6365, the 61.8% retracement of the Oct 6 - Apr 9 bear leg. On the downside, initial support lies at 16.8847, the 50-day EMA. A break would expose key support and the bear trigger at 16.2616, the Apr 9 low.
  • A bullish theme in USDBRL remains intact and the latest pullback appears to have been a correction. Resistance at 5.2202, the Oct 6 ’23 high, has recently been cleared and this strengthened the bullish condition. Scope is seen for a climb towards 5.3330, 76.4% of the Nov 11 ‘23 - Jul 28 ‘23 bear leg. Support to watch lies at 5.1303, the 20-day EMA. It has been pierced. A clear break of the 20-day average would expose 5.0660, the 50-day EMA.
  • The USDCLP medium-term trend condition remains bullish. Support to watch is unchanged and lies at 935.63, the Mar 15 low. A clear break of this level would highlight a stronger reversal and signal scope for an extension towards 922.80 initially, 50.0% of the Dec 1 ‘23 - Feb 26 bull leg. On the upside, clearance of resistance and the bull trigger at 990.67, the Feb 26 high, would confirm a resumption of the uptrend and open 1000.00.
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