The USD MXN is on the move. Is trading forex worth it? Take a look and see what is in store for you to add to your forex account this week. It is all about PIPS, PIPS, and more PIPS …
Daily charts for the USD MXN
The USD continues to exhibit signs of weakness overall in forex and the Mexican Peso may be able to feast upon the notion more bearishness via the Dollar will emerge mid-term. The Mexican has been following a down trend line fairly closely, made a retracement up, crossing the down trend line retracing down some 15,497 pips and sitting on the down trend line at the .270 at 20.86783. The rsi is strongly in the buy zone and is now finally moving up to the sell zone. This pair should at least go to the .236 at 21.58813 which would give 6,726 pips.
Hourly charts for the USD MXN
The Mexican has been on the downhill following the down trend lines. It is sitting between the .236 and the .180. The rsi is below the sell zone indicating further up movement to come from this pair before it starts to head down to the buy zone. If it breaks the down trend line this pair should go to the .236 at 21.15993 which would give 2,207 pips. If it continues to the .618 at 21.34318 this would give 4,089 pips.
Important USD MXN Levels to follow
- Current Resistance: 22.70000.
- Current Support: 22.45000
- High Target: 22.85000
- Low Target: 22.25000
USD MXN in the news
A closer look at Peso price action shows USD/MXN trading within the confines of an descending pitchfork formation extending off the late-September highs with the pair testing the 21.2316/2942 resistance range early in the session. Initial support now eyed at 21.0499 backed by the lower parallel / September lows at 20.8377 and 20.6788. A topside breach from here would risk a rebound towards 21.5488 with a close above the upper parallel needed to shift the near-term focus higher again. Source: DailyFX
“The USMCA trade deal is now in effect, being positive for Mexico once it maintains trade preference with the USA and Canada.
In case of a faster-than-expected recovery of the USA, there would be perspectives of higher USD inflows to Mexico.
On the other way around, a scenario of more prolonged and/or deeper recession would intensify the pace of MXN depreciation.”Source: FX Street
After 6 up four-hour candles, USD/MXN snaps its streak, falling 196 pips (-0.09%) over the past four-hour candle to close at an exchange rate of 22.63. Relative to other instruments in the Forex asset class, USD/MXN ranked 23rd the last 4 hour candle in terms of percentage price change, according to CFDtrading.com
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