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Tech Focus: Price Signal Summary: USDMXN Testing April Lows

LATAM FX
  • The USDMXN trend direction remains down with key resistance defined at 20.3270, May 4 high. A bearish theme follows 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. The April lows are currently being tsted under 19.7850 of which a daily close may signal scope for a move towards 19.5494, Jan 21 low and primary support.
  • USDBRL maintains a bearish picture with the recent bounce matching the late April lows around 5.33. A recent break of trendline support drawn off the Dec 14, 2020 low and a bearish triangle breakout on Apr 19 highlights the bearish theme in play. The pair held the 76.4% % of the Dec - Mar level at 5.2145 on a closing basis. A clear break of this level would open 5.1210, the Jan 4 low.- A firm near-term resistance is at 5.4837, May 4 high. Initial resistance is at 5.3791, the 20-day EMA.
  • USDCLP short-term outlook remains bearish. The pair traded higher this week following the new low made at 690.32. The rally fell short of 715.36, Apr 23 high and key resistance. Upticks are still considered corrective. The overall move lower confirms the broader downtrend and signals scope for weakness towards 686.05, 1.618 projection of the Oct 15 - Nov 9 - Nov 24 price swing.
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