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TECHS: LatAm FX Price Signal Summary: USDBRL Heads South

EMERGING MARKETS
  • USDMXN outlook is unchanged and the pair maintains a bearish tone.
    • Recent weakness resulted in a break on Mar 31 of trendline support drawn off the Jan 21 low. Bears have since been in charge.
    • Furthermore, price has also traded through the Mar 18 low of 20.2829 - a former key support. The break strengthens a bearish argument and this week, support at 19.8924, Feb 15 low has been breached. The focus is on 19.5494, Jan 21 low.
    • On the upside, resistance is at 20.2427, Apr 13 high.
  • USDBRL is weaker and extends the current leg lower. The pair has this week breached support at 5.5396, Apr 8 low and today is through support at 5.4499, Mar low. This reinforces bearish conditions and paves the way for a move towards 5.3406, 61.8% retracement of the Dec - Mar rally. A recent trendline break drawn of the Dec 14, 2020 low and bearish triangle breakout this week also highlight the current bearish theme. Key near-term resistance is unchanged at 5.6771, Apr 16 high.
  • USDCLP gapped higher yesterday however despite this, the outlook remains bearish. Price has this 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 of this level 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. Initial resistance is at 714.50, Apr 13 high.
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