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TECHS: LatAm FX Price Signal Summary: USDBRL Remains Heavy

EMERGING MARKETS
  • USDMXN remains above last week's low of 19.601.
    • The pair Monday tested the 50-day EMA at 20.2005 but failed to hold onto gains.
    • A clear breach of this average is required to expose resistance at 20.664, the Dec 21 high and an important reversal trigger.
    • Key support lies at 19.6010, Jan 6 low and is the bear trigger. The primary trend remains bearish.
  • USDBRL remains heavy. The pair reversed course Tuesday, trading sharply lower and leaving key resistance at 5.5257, the Nov 13 high intact. The 20-day EMA has been breached, further weakness would open 5.2329, the Jan 6 low.
  • USDCLP gapped higher yesterday, extending the recent recovery and displaying an impulsive bullish tone. The pair is off recent highs but maintains a positive outlook.
    • The focus on 757.18 next, 76.4% of the downleg between Nov 24 - Jan 6.
    • Initial support lies at 729.14, Jan 12 high and a gap low on the chart.
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