News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Bearish
Oil - US Crude
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Wall Street
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Gold
Bearish
GBP/USD
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
USD/JPY
Bearish
More View more
Real Time News
  • The final ‘full’ week of the year brings about the last wave of significant event risk from around the globe, including three central bank rate decisions (Fed, BOE, & BOJ). Get your market update from @CVecchioFX here:https://t.co/PhqxSPlngI https://t.co/XX57vSjQwV
  • Greed is a natural human emotion that affects individuals to varying degrees. Unfortunately, when viewed in the context of trading, greed has proven to be a hindrance more often than it has assisted traders. Learn how to control greed in trading here: https://t.co/kODPAfJE79 https://t.co/HOvzuOICQx
  • Ever wonder if there are other chart types that can be sued for technical analysis? HLOC charts are discussed in the following article as well as their pros and cons. Learn more here: https://t.co/qV3c7a4YR3 https://t.co/32hYzqhuZ9
  • The Australian Dollar sits on the crossroads of Treasury yields, the S&P 500 and US fiscal stimulus expectations. Will $AUDUSD gains slow? Chinese Q4 GDP and Australian jobs data are due. Get your market update from @ddubrovskyFX here: https://t.co/BsYmmWFYOH https://t.co/HhLqb2iVgk
  • #Gold prices have come under significant pressure to kick-off 2021. However, the formation of bullish technical patterns across multiple timeframes suggests that a rebound higher may be at hand. Get your market update from @DanielGMoss here: https://t.co/Dpf8N4Fh0T https://t.co/pnZpnM9yT5
  • The ISM manufacturing index plays an important role in forex trading, with ISM data influencing currency prices globally. Learn about the importance of the ISM manufacturing index here: https://t.co/Xr3xtoFpZy https://t.co/yCtLFemdNc
  • GBP underpinned as BoE downplays negative rates, alongside vaccine rollout. Get your market update from @JMcQueenFX here: https://t.co/n6V6uw0XV5 https://t.co/Toq2fxSdBE
  • Technical analysis of charts aims to identify patterns and market trends by utilizing differing forms of technical chart types and other chart functions. Learn about the top three technical analysis tools here: https://t.co/KDjIjLdTSk https://t.co/5VzSt5Ak7R
  • The Federal Reserve System (the Fed) was founded in 1913 by the United States Congress. The Fed’s actions and policies have a major impact on currency value, affecting many trades involving the US Dollar. Learn more about the Fed here: https://t.co/ADSC4sIHrP https://t.co/Jkv0onMyZw
  • Why is JPY called a safe haven? What are some factors in its favor this quarter? Get your free forecast here: https://t.co/mzeJ5x73N3 #DailyFXGuides https://t.co/S4bwgGZxmw
USD/MXN Achieves Bullish Breakout, USD/ZAR Tests New Highs

USD/MXN Achieves Bullish Breakout, USD/ZAR Tests New Highs

2020-04-24 01:00:00
Dimitri Zabelin, Analyst

US Dollar, Mexican Peso, South African Rand, USD/MXN, USD/ZAR – TALKING POINTS

  • USD/MXN could be on verge of bullish spike after key technical levels broke
  • Pennant continuation pattern suggests USD/MXN may rise to around 30.780
  • USD/ZAR tests new highs as US Dollar prevails in virus-shaken environment

US Dollar Outlook vs Mexican Peso

USD/MXN may be on the verge of a bullish spike after clearing the top layer of a narrowing congestive period formed after its 30 percent rise in mid-March. The pair appears to be in the last stages of completing a short-term continuation pattern known as a Pennant. If the break is met with follow-through, the ascent could theoretically be proportional to the one that brought USD/MXN to the digestive interim.

USD/MXN - Daily Chart

Chart showing USD/MXN

USD/MXN chart created using TradingView

This could lead the USD/MXN exchange rate to test as high as 30.8700, and the monthly chart supports the notion of an underlying bullish bias. Looking at a wider timeframe shows that the daily chart is a reflection of a multi-year continuation pattern that strongly resembles a Pennant. In this view, the breakout has already occurred, but a resurgent bullish drive – with accommodating fundamentals – could reinforce the pair’s ascent.

USD/MXN - Monthly Chart

Chart showing USD/MXN

USD/MXN chart created using TradingView

Top Trading Lessons
Top Trading Lessons
Recommended by Dimitri Zabelin
Top Trading Lessons
Get My Guide

To get more updates on USD/MXN and what fundamental forces are pushing the pair higher, be sure to follow me on Twitter @ZabelinDimitri.

US Dollar Outlook vs South African Rand

USD/ZAR is testing new highs as it flirts with puncturing the lower tier of the 19.0340-19.3453 resistance range. While it may not re-mount the former uptrend (gold channel), breaking above the upper layer with follow-through could reinforce bullish sentiment and push the pair higher. Conversely if it retreats, USD/ZAR may retest support at 17.8289.

USD/ZAR – Daily Chart

Chart showing USD/ZAR

USD/ZAR chart created using TradingView

How to Use IG Client Sentiment in Your Trading
How to Use IG Client Sentiment in Your Trading
Recommended by Dimitri Zabelin
Improve your trading with IG Client Sentiment Data
Get My Guide

US DOLLAR TRADING RESOURCES:

--- Written by Dimitri Zabelin, Currency Analyst for DailyFX.com

To contact Dimitri, use the comments section below or @ZabelinDimitriTwitter

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES