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Tech Focus: LatAm FX Price Signal Summary: USD Trading Closer To Last Week's Lows

EMERGING MARKETS
  • USDMXN is consolidating and remains closer to recent lows following last week's pullback from 21.6357, Mar 8 high.
    • The move lower is considered a correction with support seen at 20.5524, the Mar 3 low.
    • Note, there is a trendline support at 20.3005, drawn off the Jan 21 low.
    • 21.6357 is key resistance and the bull trigger.
  • USDBRL is firmer today but still trading closer to recent lows following last week's sharp move lower.
    • The 50-day EMA, a key support area, intersects at 5.4746. This is also close to trendline support at 5.4841, drawn off the Dec 14 low. A break of these two levels would highlight a more significant short-term reversal.
    • On the upside, key resistance and the bull trigger has been defined at 5.8743, the Mar 9 high.
  • USDCLP gains stalled last week at 743.10, Mar 8 high and the pair is trading closer to recent lows. A deeper pullback would risk a move towards support at 699.19, Feb 24 low. Key resistance and the bull trigger has been defined at 743.10, Mar 8 high.
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