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 [..]


European Open Preview – US-Mexico trade deal fuels risk appetite; dollar extends retreat

Posted on August 28, 2018 at 7:40 am GMT

Here are the latest developments in global markets: FOREX: The dollar index was up on Tuesday, albeit by less than 0.1%, attempting to recover some of the losses it recorded yesterday as investors scaled back safe-haven bets on the currency, following headlines of a US-Mexico trade agreement. The euro capitalized on the dollar’s softness, advancing across the board on Monday, and reaching a fresh one-year high against the battered British pound. Meanwhile, the loonie climbed somewhat on the optimistic NAFTA headlines, touching a [..]


US Open Preview – Dollar consolidates losses; NAFTA developments eyed

Posted on August 27, 2018 at 11:38 am GMT

Here are the latest developments in global markets: FOREX: The dollar’s index against a basket of currencies remained higher on the day, though only slightly so, consolidating for the most part last week’s notable declines which largely came on the back of Trump’s Fed-hiking criticism and Fed chief Powell’s perceived-dovish message at Jackson Hole on Friday. Dollar/yen was 0.1% lower, trading roughly 40 pips below Friday’s three-week high of 111.48. Euro/dollar was marginally down. The pair pared some of its [..]


European Open Preview – Dollar slips on Powell; NAFTA agreement coming up?

Posted on August 27, 2018 at 7:43 am GMT

Here are the latest developments in global markets: FOREX: The US dollar index is marginally higher on Monday (+0.06%), recovering some of the notable losses it posted on Friday following some relatively cautious remarks from Fed Chairman Powell that left the bulls disappointed. The euro capitalized on the dollar’s weakness and recovered across the board, while conversely, the yen retreated – weighed on by the boost in risk appetite that Powell fueled. Meanwhile, the British pound remained on the back foot, amid no signs of [..]

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