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TECHS: LatAm FX Price Signal Summary: USDMXN Resistance Is At 20.3270

EMERGING MARKETS
  • The USDMXN trend direction remains down with key resistance defined at 20.3270, May 4 high. A bearish theme follows a recent break of trendline support drawn off the Jan 21 low and a move through the Mar 18 low of 20.2829, a former key support. Furthermore, support at 19.8924, Feb 15 low was breached on Apr 15. This signals scope for 19.5494, Jan 21 low.
  • USDBRL maintains a bearish tone with price just above this week's lows. A recent break of trendline support drawn off the Dec 14, 2020 low and a bearish triangle breakout on Apr 19 highlights a bearish theme. The pair has also cleared 5.3406, 61.8% of the Dec - Mar rally and is testing the 76.4% level at 5.2145. A clear break lower would open 5.1210, the Jan 4 low.
    • A firm near-term resistance is at 5.4837, May 4 high. Initial resistance is at 5.4078, the 20-day EMA.
  • USDCLP short-term outlook remains bearish. The pair traded lower last week and has touched a low of 690.32 this week, Wednesday's low. The move lower confirms a resumption of the broader downtrend and signals scope for weakness towards 686.05, 1.618 projection of the Oct 15 - Nov 9 - Nov 24 price swing.
    • 715.36, Apr 23 high is key resistance. Upticks are considered corrective.
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