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Tech Focus: LatAm FX Price Signal Summary: USDBRL Is Still Trading At The Lows

EMERGING MARKETS
  • USDMXN traded higher yesterday but maintains a more consolidative tone. The trend direction remains bearish.
    • A recent break of trendline support drawn off the Jan 21 low and a move through the Mar 18 low of 20.2829, a former key support, highlights a bearish theme. Furthermore, support at 19.8924, Feb 15 low was breached last week. The focus is on 19.5494, Jan 21 low.
    • On the upside, resistance is at 20.2427, Apr 13 high.
  • USDBRL remains soft following last week's move lower and is trading at the recent lows. The pair has breached support at 5.5396, Apr 8 low and has probed 5.4499, Mar low. This reinforces bearish conditions and signals scope for a move towards 5.3406, 61.8% retracement of the Dec - Mar rally. A recent break of trendline support drawn off the Dec 14, 2020 low and a bearish triangle breakout last week also highlight the current bearish theme. Key near-term resistance is at 5.5598, Apr 22 high.
  • USDCLP gapped higher Apr 22 however despite this, the outlook is bearish. Price last week traded below 699.19, Feb 24 low. This signals scope for weakness towards the primary support at 693.00, Jan 6 low. A break would confirm a resumption of the broader downtrend that started March 2020 and would open 686.05, 1.618 projection of the Oct 15 - Nov 9 - Nov 24 price swing. The 50-day EMA intersects at 716.49 and represents an area of resistance. A clear break of the average would alter the picture.
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