Trading news

USD/MXN Mexican Peso dropping heavily



Recent suggestions in the media that Trump is closing the gap in the polls ahead of the US election is putting further pressure on the MXN. Trump's plans are to do better trade deals with Mexico, and perhaps build a wall to stop illegal immigration in the USA. The USD is also losing some strength when looking at the USD Index, and this is primarily due to risk-off against the USD ahead of the elections. We can see de-risking now in most markets.
Technically, USD/MXN is in a strong uptrend followed by bullish order block far to the left that is connected to strong double top breakout (purple rectangle). The pair is very close to resistance, and we should be patient and wait for buy the dips scenario. Should USD/MXN proceed further up without any retracement pay attention to 4h close above 19.47 towards 19.68. If the pair breaks down the steep trendline it should signal a retracement towards POC 19.02-09 ( L3, DPP, 61.8, EMA89, double top breakout/bullish order block). Targets are 19.47 and 19.68.

Wednesday, 02 Nov, 2016 / 2:56

Note: Company News is a promotional service of the Directory and the content isn't created by Finance Magnates.

Source : http://www.admiralmarkets.com/analytics/technical-analysis/

Trading news

 

Dollar anxious ahead of nonfarm payrolls, equities roar

· Dollar at week's lows ahead of blockbuster US jobs report · [...]

Posted on Friday, 07 May, 2021 / 9:20 under

Big Market Movers: What To Expect From The Non-Farm Payroll Report

The Non-Farm Payroll report will become more and more important in defining [...]

Posted on Friday, 07 May, 2021 / 3:44 under

Trading ideas for May 10-14

The week will be full of US data: inflation, jobless claims, retail sales, and [...]

Posted on Thursday, 06 May, 2021 / 4:35 under