LATAM FX: LATAM FX Price Signal Summary – USDBRL Bull Cycle Still In Play
Dec-20 14:20
- The trend structure in USDMXN is bullish. However, attention remains on the Nov 6 pullback and the move down on Nov 7. This continues to highlight a possible short-term top and therefore a bearish threat. Price has traded through the 20-day EMA, exposing support at the 50-day EMA, at 20.0965. A clear breach of this average would undermine the bullish theme and signal potential for a deeper retracement towards 19.7618 initially, the Nov 7 low. Resistance to watch is at 20.8313, the Nov 26 high. A breach of this hurdle would confirm a resumption of the uptrend.
- The USDBRL bull cycle remains in play. Firm support continues to be found ahead of the 50-day EMA, at 5.8732. The pair has traded through resistance at 6.1153, the Nov 29 high and bull trigger. Sights are on 6.3406, the 3.00 projection of the Aug 19 - 30 - Sep 19 price swing, and 6.4149, the 3.236 projection. A clear break of the 50-day EMA is required to signal a short-term reversal.
- A bull cycle in USDCLP remains in play and the latest round of gains emphasises this trend. The pair has cleared resistance at 987.92, the Nov 12 high, to confirm a resumption of the uptrend. Note too that 990.67, the Feb 26 high, has been breached. This opens the psychological 1000.00 handle. A break of this handle would open 1010.00, the 1.00 projection of the Nov 7 - 12 - Dec 6 price swing. Firm support is at 966.81, the 50-day EMA.
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US 10yr Spread sold in size at -5:
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STIR: Effective Fed Funds Rate
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FRBNY EFFR for prior session:
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