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TECHS: Price Signal Summary: USDBRL Trades Through The 50-day EMA

LATAM FX
  • USDMXN is in a short-term range. The outlook though remains bearish. The sell-off since June 18, has resulted in a break of all relevant retracement levels of the rally between Jun 9 - 18. Attention is on key support at 19.5987, Jun 9 low where a break would strengthen a bearish case. Price needs to get above 20.2153, Jun 24 high to alter the picture. Initial resistance is at 20.0813, Jul 1 high.
  • USDBRL rallied yesterday as the current corrective bounce extended. The pair has breached the 50-day EMA. A continued push higher and clear break of the average would suggest scope for a stronger rally near-term. This would open 5.2681, 38.2% of the Mar - Jun sell-off. A failure to hold onto gains above the EMA would instead signal a potential top and if confirmed, would expose 4.8934, the Jun 25 low.
  • USDCLP rallied sharply higher yesterday. The continued recovery is beginning to highlight a developing bullish theme and attention is on the key resistance and bull trigger at 757.60, Jun 22 high. A break would negate the recent bearish focus and instead confirm a resumption of the recovery that started May 10. Key support has been defined at 722.25, Jun 30 low.
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