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TECHS: LatAm FX Price Signal Summary: USDBRL Outlook Remains Bearish

EMERGING MARKETS
  • USDMXN remains above support at 19.7197, Tuesday's low. The trend direction is down with key resistance defined at 20.3270, May 4 high. A bearish theme follows the sell-off from Mar 8 and a price sequence of lower lows and lower highs dominates. An extension lower would strengthen the bearish case and open 19.5494, the Jan 21 low and a primary support.
  • USDBRL is consolidating but maintains a bearish tone. The break in mid-April of trendline support drawn off the Dec 14, 2020 low followed by a bearish triangle breakout highlights a bearish theme. 5.2145, 76.4% retracement of the Dec - Mar rally, has held but remains exposed. A clear break would open 5.1210, the Jan 4 low.
    • A firm near-term resistance is at 5.4837, May 4 high. Initial resistance is at 5.3539, the 20-day EMA.
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