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USD/MXN Continues to Slide Lower as Supportive Moving Averages Break

USD/MXN Continues to Slide Lower as Supportive Moving Averages Break

2020-07-03 11:03:00
Nick Cawley, Strategist
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US Dollar vs. Mexican Peso (USD/MXN) Price, Analysis and Chart:

  • Mexican Peso pushing back against the US dollar.
  • 20- and 50-day moving averages broken this week.
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USD/MXN – Short-Term Bearish Sequence Developing

USD/MXN is currently trapped between a range of technical indicators and further losses may be likely if current price action continues to play out. The supportive short-term uptrend off the June low has now been broken and opened below, while the pair have also dropped through both the 20- and 50-day moving averages, adding the bearish sentiment. In addition, this week the pair have made an unbroken series of lower highs, adding to the prevailing negative sentiment. Below, there are a cluster of recent lows that may provide short-term support before the 50% Fibonacci retracement level of 22.153 comes into play. Below here, 21.86 becomes the next area of interest.

To regain a bullish bias, USD/MXN needs to reclaim both the moving averages, open and consolidate above the short-term uptrend and take out Monday’s high at 23.24.

If you are interested in technical analysis, please see our updated Education Centre for a comprehensive range of indicators and analytical articles.

USD/MXN Daily Price Chart (December 2019 – July 3, 2020)

USD/MXN Continues to Slide Lower as Supportive Moving Averages Break
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Traders may be interested in two of our trading guides – Traits of Successful Traders and Top Trading Lessons – while technical analysts are likely to be interested in our latest Elliott Wave Guide.

What is your view on USD/MXN – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author via Twitter @nickcawley1.

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

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