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TECHS: LatAm FX Price Signal Summary: USDBRL Off To The Races

EMERGING MARKETS
  • USDMXN pulled back yesterday yet despite this, maintains a bullish tone. Last Thursday's rally 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 is off to the races once again.
    • The pair is trading firm today and has cleared all key retracements of the downleg between Oct - Dec 2020.
    • Attention is now on the 5.70 handle with current momentum conditions suggesting scope for a climb towards 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 consolidating. Recent gains have thus far stalled ahead of the 50-day EMA that intersects at 727.32 today. A clear break of this average is required to signal an extension of the rebound from last week's low of 699.19 on Feb 24. This would open 740.35, Feb 8 high. 699.19 marks the key support.
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