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TECHS: LatAm FX Price Signal Summary: USDBRL Bears Remains In Charge

EMERGING MARKETS
  • USDMXN is marginally higher but remains in consolidation mode. The outlook is bearish and attention remains on support at 19.7197, May 18 low and the bear trigger. A bearish theme follows the sell-off since Mar 8 and a price sequence of lower lows and lower highs that still dominates. A break of support would strengthen a bearish case and open 19.5494, the Jan 21 low and a primary support. Key resistance has been defined at 20.3270, May 4 high.
  • USDBRL has failed to remain above the 20-day EMA and this is seen as a bearish near-term development. The break in mid-April of trendline support drawn off the Dec 14, 2020 low followed by a bearish triangle breakout also highlights the bearish theme. 5.2145, 76.4% of the Dec - Mar rally has recently held but remains exposed. A breach would open 5.1210, the Jan 4 low. A firm near-term resistance is at 5.4837, May 4 high.
  • USDCLP is off recent highs but the outlook remains bullish. This follows the recent sharp gains following the reversal from 690.32, May 10 low.
    • The climb has exposed the next area of resistance between 740.22, Mar 29 high and 743.10, Mar 8 high.
    • Clearance of these two levels would open 751.20, Jan 13 high and a key resistance.
    • Support is seen at 719.38, May 24 low.
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