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TECHS: LatAm FX Price Signal Summary: USDBRL Heads North

  • USDMXN is facing selling pressure once again. The pair however remains above key short-term trendline support drawn off the Jan 21 low. The line intersects at 20.4832 and a clear break, together with a move through last week's low of 20.2829, on Mar 18, is needed to strengthen a bearish argument. This would open 19.8924, the Feb 15 low. Resistance is at 20.9695, Mar 24 high.
  • USDBRL continues to trade higher and is extending the recovery from 5.4499, Mar 19 low. Attention is on 5.7741, 76.4% of the sell-off between Mar 9 - 19. A move below 5.4499 is required to reinstate a bearish threat.
  • USDCLP remains below 743.10, Mar 8 high. Support has been defined at 713.97, Mar 22 low where a break is required to reinstate a bearish threat. On the upside, clearance of 743.10, Mar 8 high would expose 751.20, Jan 13 high.

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