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TECHS: LatAm FX Price Signal Summary: USDBRL Bulls Eyeing The Oct 2020 high

EMERGING MARKETS
  • USDMXN maintains a bullish tone and remains within the candle body from Feb 25. The pattern on this day is a standard line - a bullish continuation pattern. Price action on Feb 25 also confirmed a resumption of the current uptrend.
    • A break above last week's high of 21.0477, Feb 26 high would signal scope for a climb towards 21.50.
    • Key near-term support has been defined at 20.3504, Feb 24 low and within the area of support highlighted by both the 20- day and 50-day EMAs.
  • USDBRL remains firm.
    • The pair has cleared all key retracements of the downleg between Oct - Dec 2020.
    • Attention is now on the 5.80 handle with current momentum conditions suggesting scope for a test of 5.8080, the Oct 30 2020 high and a key resistance.
    • On the downside, firm support is seen at 5.5334, the Feb 22 high and a recent breakout level.
  • USDCLP is firm. The pair has cleared the 50-day EMA and the clear break signals an extension of the rebound from last week's low of 699.19 on Feb 24. This has opened 740.35, Feb 8 high. On the downside, 699.19 marks the key support. Initial support lies at 716.75, Feb 26 low.
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