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.

Free Trading Guides
EUR/USD
Bearish
Oil - US Crude
Mixed
Wall Street
Bullish
Gold
Bearish
GBP/USD
Mixed
USD/JPY
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
More View more
Real Time News
  • The British Pound technical outlook still seems to favor the downside. GBP/CAD may pressure key rising support from August as GBP/AUD could prolong its downtrend. GBP/CHF may fall. Get your $GBP market update from @ddubrovskyFX here: https://t.co/hBOpDKXmfW https://t.co/AJlT2YKeCu
  • USD/JPY is approaching medium-term uptrend resistance and while the outlook remains constructive, the advance may be vulnerable near-term while below confluence resistance. Get your $USDJPY technical analysis from @MBForex here: https://t.co/93D7AyhHtG https://t.co/KQcLLrkMP3
  • AUD/USD has had the most impressive show of trend over the past couple of months with the pair gaining almost 1500 pips from the March low. Get your $AUDUSD technical analysis from @JStanleyFX here: https://t.co/vLz4Rpln3u https://t.co/AOwnJja5V8
  • Has the #Euro been saved? Find out from @CVecchioFX here: https://t.co/eiXfOTyGa6 https://t.co/AyRiYpb4cN
  • U.S. Market Analyst at https://t.co/JsVsSmefgR, Shain Vernier covers - ✔️ Safe haven assets in volatile markets ✔️ Central banks and governments ✔️ How will commodities trade in a recession Only on Trading Global Markets Decoded #podcast. Tune in here: https://t.co/1UmEzEbwiy https://t.co/ygwjGNvS61
  • The $USD, Euro, British Pound and Australian Dollar will all be at the mercy of political developments in Asia, Europe and North America this week. An avalanche of PMI data will set the backdrop. Find out from @ZabelinDimitri here: https://t.co/L8cfAgVx94 https://t.co/THWhPAS6AM
  • The price of #gold plunged 1% immediately after the stunning US jobs report crossed the wires. Get your market update from @RichDvorakFX here: https://t.co/8i0L6YIqjy https://t.co/y9dIXazJf9
  • S&P 500, Dow Jones, Nasdaq explode higher with stocks surging in response to shockingly better-than-expected monthly jobs data. Get your #equities market update from @RichDvorakFX here: https://t.co/nuMVWOzzuC https://t.co/M3nGBjd7kZ
  • The record-breaking NFPs increase behind us and the FOMC rate decision on Wednesday sets the tone for my trading video: 'Dow Soars Above 200-Day Average on NFPs, Will the #Fed Keep the Dollar Sliding' https://www.dailyfx.com/forex/video/daily_news_report/2020/06/06/Dow-Soars-Above-200-Day-Average-on-NFPs-Will-the-Fed-Keep-the-Dollar-Sliding.html?ref-author=Kicklighter&QPID=917719&CHID=9 https://t.co/kquvec5HVc
  • Seasonal factors, oversupply issues and the outbreak of COVID-19 has seen the price of liquefied #naturalgas (LNG) fall to 22-year lows (1.519), with the situation exacerbated by ‘fuller-than-normal’ storage facilities. Get your market update here:https://t.co/VOqfkBQ4aR https://t.co/OsaphmqEmu
USD/MXN - Mexican Peso vs US Dollar, Peso at a Turning Point?

USD/MXN - Mexican Peso vs US Dollar, Peso at a Turning Point?

2020-04-29 10:15:00
Justin McQueen, Analyst
Share:

USD/MXN Analysis and Talking Points

  • USD/MXN | At a Turning Point
  • Speculators Clear Out Record Peso Longs
  • USD/MXN Technical Levels

USD/MXN | At a Turning Point

The continued improvement in risk sentiment has helped the Mexican Peso recoup some of its recent losses, while month-end USD selling has also added to the move lower in USD/MXN. As such, with the pair failing on a third attempt to consolidate above 25.00 short-term risks are tilted lower. However, while questions may be raised as to whether USD/MXN is at a turning point, this will largely depend on the broader market. Oil prices will continue to trade in volatile fashion as storage capacity fills up, in turn, there is a possibility that front-month oil prices could be negative again. In this environment gains in the Mexican Peso will be hard to come by, particularly if price action in the front-month impacts oil contracts down the futures curve.

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

Mexico Peso Positioning: Investors have had a clear out in excessive long positions and thus positioning is broadly balanced. In turn, we would suspect that renewed weakness in the Peso would be a grind as opposed to a sharp move.

Forex for Beginners
Forex for Beginners
Recommended by Justin McQueen
Forex for Beginners
Get My Guide

Speculators Clear Out Record Peso Longs

USD/MXN - Mexican Peso vs US Dollar, Peso at a Turning Point?

USD/MXN Technicals

Short-term risks are tilted to the downside as USD weakness persists ahead of month-end rebalancing. In turn, near-term support in USD/MXN is eyed at 24.00, where a break opens the door to a test of the 23.6% Fibonacci retracement at 23.83. Alongside this, for confirmation that a triple top has been placed we look for a firm break below trendline support, failure to do so however, keeps the bullish uptrend intact over the medium term.

USD/MXN Price Chart: Daily Time Frame

USD/MXN - Mexican Peso vs US Dollar, Peso at a Turning Point?

Source: IG Charts

--- Written by Justin McQueen, Market Analyst

Follow Justin on Twitter @JMcQueenFX

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

DISCLOSURES

News & Analysis at your fingertips.