Technical Analysis – USDMXN completes pennant formation after aggressive rally

Posted on May 8, 2020 at 11:37 am GMT

USDMXN seems to be completing a pennant formation on the daily chart after skyrocketing by almost 30% to enter the 25.00 zone in March. The pattern is expected to signal the continuation of the positive trend if the bulls manage to close decisively above the upper trendline. In this case, traders could look for resistance near the 25.00 round level, while the 25.40 barrier, where the rally hit a wall in late March, will be closely watched before all eyes [..]

Daily Market Comment – Dollar edges up, stocks muted in cautious start to week

Posted on March 30, 2020 at 8:32 am GMT

Stocks steady somewhat after Friday’s dip Dollar heads higher after worst week since 2009 Oil skids again; Brent hits 17-year low as world economy shuts down US stock futures attempt to rebound; risk of increased volatility Wall Street was unable to extend its winning streak to a fourth day on Friday but still managed to post its strongest week since 2009. Stocks had been steadily rising after a big gap lower at the open but went into reverse after the [..]

Daily Market Comment – Stocks steadier after crashing again; dollar also firmer

Posted on March 17, 2020 at 9:17 am GMT

Wall Street suffers biggest drop since 1987 crash as investors flee stocks Growing virus response still not enough to quell market turmoil Gold remains on a down path as panicky investors turn to cash Pound underperforms along with commodity and EM currencies Bloodbath on Wall Street There was no escaping the market carnage on Monday as extraordinary moves by the Federal Reserve and other central banks to restore investor confidence failed spectacularly. Shares on Wall Street plunged by the most [..]


Technical Analysis – USDMXN appears bearish, capped by restrictive trendline

Posted on January 21, 2020 at 4:36 pm GMT

USDMXN pierced under the low of 18.73 from 17 October 2018 and is currently testing the trendline, limiting upside corrections drawn from December 3, 2019. Further backing the negative picture is the downward sloping 50- and 100-day simple moving averages (SMAs) and the near completion of a bearish crossover of the 200-day SMA by the 100-day one. That said, the short-term oscillators are reflecting mixed signals for now. The MACD, in the negative region, is above its red trigger line [..]


Technical Analysis – USDMXN looks for a rebound as oversold conditions detected

Posted on December 23, 2019 at 10:36 am GMT

USDMXN paused its 3-week old decline near the key 18.80 support area last week. Meanwhile the RSI has touched its 30 oversold mark and is now looking for a rebound, whilst the fast-Stochastics have already reversed after posting a bullish cross below 20, both increasing the odds for a rebound in the price or at least ruling out the event of a steeper sell-off. The negative momentum in the MACD also seems to have slowed down, adding to the above encouraging signals. A forceful [..]


Technical Analysis – USDMXN bears gather ammunition below the 200-SMA

Posted on September 9, 2019 at 2:39 pm GMT

USDMXN slashed in half the gains it earned from July 31 in four days, with the price diving under the eight-month peak of 20.251 and through all the simple moving averages (SMAs) and the Ichimoku cloud. The technical indicators are suggesting a revival of the down move, with the MACD falling back beneath its trigger in negative territory and the RSI pointing downwards below its 30 oversold mark. More importantly the 42-period SMA seems to be headed for a bearish [..]


Technical Analysis – USDMXN prints a bearish doji and pulls back

Posted on August 29, 2019 at 1:02 pm GMT

USDMXN is printing a red candle in the four-hour chart after creating a bearish doji, signaling the continuation of the negative correction. The RSI has also reversed south after peaking slightly below its 70 oversold level, providing additional discouraging signals for the near-term. Yet, as long as the RSI hovers above its 50-neutral mark, any weakness could appear short-lived. On the way down, the 20-period simple moving average (SMA) could curb bearish actions ahead of the ascending trend-line which is currently [..]


Technical Analysis – USDMXN holds in Ichimoku cloud after negative gap

Posted on June 12, 2019 at 12:27 pm GMT

USDMXN has dropped considerably over the previous couple of days, after the negative gap, remaining within the 200- and 50-day simple moving averages (SMAs).  Currently, the pair is also hovering in the Ichimoku cloud and is trying to surpass the 23.6% Fibonacci retracement level of the downleg from 20.6540 to 18.7440 near 19.1938. Looking at the technical indicators, the stochastic oscillator is turning higher in the oversold zone, giving the impression for a bullish crossover of the %K and %D [..]

Daily Market Comment – Dollar see-saws on mixed data, trade risks; euro steady ahead of ECB

Posted on June 6, 2019 at 8:24 am GMT

US dollar stabilizes after roller-coaster session amid mixed data and little progress in US-Mexico talks Euro eases from 7-week highs as ECB meeting eyed for direction Oil plunges on rising stocks, global growth jitters but gold soars Fragile risk sentiment as hopes of Mexico deal fade Markets were mostly in a risk-averse mood on Thursday as hopes of a quick deal between the United States and Mexico over illegal migration were dashed after President Trump tweeted yesterday that “not nearly [..]


Technical Analysis – USDMXN rockets to 4-month peak; bias switches to bullish

Posted on May 31, 2019 at 8:39 am GMT

USDMXN skyrocketed to a fresh four-month high of 19.7071, penetrating the consolidation area of 18.7440 – 19.7071 to the upside and switching the short-term picture from neutral to positive. The technical indicators are feeding prospects for a positive short-term trading; the RSI is entering overbought territory, while the stochastic trends around the 80 level.  Also, in Ichimoku indicators, the red Tenkan-sen keeps rising above the blue Kijun-sen. If the 50.0% Fibonacci retracement level of the downleg from 20.6540 to 18.7440 around [..]

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