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
Bullish
Oil - US Crude
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
Wall Street
Bullish
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
Mixed
GBP/USD
Bullish
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
Mixed
More View more
Real Time News
  • The docket thins out over the coming week, but there are a few serious market highlights that can make for some interesting opportunities in the week ahead. $GBPUSD has the technical chops and fundamental confluence (US CPI, UK GDP, etc) https://www.dailyfx.com/forex/video/daily_news_report/2021/05/08/Dollar-Tumbles-Dow-Hits-Record-Highs-and-Dogecoin-Traders-Tune-In.html https://t.co/BMUQ0xVOge
  • Risk management is one of the most important aspects of successful trading, but is often overlooked. What are some basic principles or risk management? Find out from @PaulRobinsonFX here: https://t.co/IsnpfIZNKr https://t.co/nBfJcptUDK
  • Dogecoin continues to trade higher with explosive energy, attesting to the cryptocurrency's new clout. Meanwhile, Bitcoin and Ethereum sink. Get your market update from @FxWestwater here:https://t.co/ohw714KqB2 https://t.co/EWxKoQykv1
  • Natural gas prices moved higher, capturing a long-term trendline that could support the heating commodity's price in the coming weeks as colder temps support fundamental side. Get your market update from @FxWestwater here:https://t.co/tGUDJE9hn0 https://t.co/nROsrJa1sv
  • The Euro may fall against the US Dollar amid a historically strong month for the Greenback and relative bond yield spreads. EUR/USD appears to be eyeing bearish technical warning signs. Get your $EURUSD market update from @ddubrovskyFX here:https://t.co/njTDk8Ehoi https://t.co/w4II63utz1
  • The US Dollar is still struggling against most ASEAN currencies. USD/SGD remains downside-focused despite recent gains. USD/THB is eyeing a triangle. USD/IDR and USD/PHP may point lower. Get your market update from @ddubrovskyFX here:https://t.co/6Nvvmz8h6d https://t.co/TYsfOXHrro
  • (Weekly Fundamental) Australian Dollar Outlook: AUD/USD May Rise on Dovish Fed Speak After Huge NFP Miss #AUD $AUDUSD https://www.dailyfx.com/forex/fundamental/forecast/weekly/aud/2021/05/07/Australian-Dollar-Outlook-AUDUSD-May-Rise-on-Dovish-Fed-Speak-After-Huge-NFP-Miss.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/L9pERwjTqh
  • Bitcoin is struggling to extend April’s bounce while Ethereum and Litecoin are exhibiting signs of momentum exhaustion. What are key technical levels to watch for ahead? Find out from @ddubrovskyFX here:https://t.co/PnZId4xOh2 https://t.co/ZTYoxdBxLl
  • The Indian Rupee has been rising despite a surge in local Covid cases, owing to rising yields amid a temporary flood of US Dollars into the banking system. INR remains at risk, eyeing CPI data. Get your market update from @ddubrovskyFX here:https://t.co/6r7hahVtx4 https://t.co/a0z46Q0Mn4
  • Risk management is one of the most important aspects of successful trading, but is often overlooked. What are some basic principles or risk management? Find out from @PaulRobinsonFX here: https://t.co/IsnpfJhp91 https://t.co/tnF1RME8gJ
Mexican Peso Technical Forecast: Looking for Invalidation of Key Support

Mexican Peso Technical Forecast: Looking for Invalidation of Key Support

Daniela Sabin Hathorn, Analyst

USD/MXN Technical Forecast: Bearish

USD/MXN looks set to renew downside momentum in the week ahead as traders remain hopeful about a stimulus deal in Congress.

Donald Trump’s political posturing has left markets slightly confused, as he seems to be unclear on his stance on certain topics. The stimulus package is now the centre of attention for traders as we head towards the election date, with a political impasse in Congress being a major risk factor in the weeks to come. That said, the fallout from failed talks is likely to be less impactful than a positive outcome, given what we saw in Asian markets after Trump supposedly pulled out of the stimulus talks. At the end of the day, investors assume whoever wins the election is likely to roll out measures to aid the economy at some point.

US Dollar (USD) Presidential Election Performance May Prove Anything but Typical

USD/MXN 1-hour chart (17 September 09 October 2020)

Mexican Peso Technical Forecast: Looking for Invalidation of Key Support

The one-hour chart seems to suggest a confluence of bullish pressure between 21.30 and 21.24, where three attempted bearish breakouts have been rejected. Price action is also limited on the upside by a confluence of moving averages, leaving USD/MXN range-bound in the short-term. In regards to the positioning of the moving averages, a bearish cross of the 50 hour SMA below the 100 hour SMA could point to further downside momentum if the key area of support can be invalidated and USD/MXN moves towards 21.20.

The next point of reference the low on the 21st of September, marking 21.05 as the next immediate support, where price action turned positive ahead of the massive surge seen at the end of September.

USD/MXN daily chart (30 January 09 October 2020)

Mexican Peso Technical Forecast: Looking for Invalidation of Key Support

If we look at the daily time frame, USD/MXN now rests at its 61.8% Fibonacci retracement level of the surge from 18.56 to 25.78, located at 21.32. This area has offered support in the past, but a daily close below this level could prove helpful in getting the pair lower. That said, a bearish break won’t be confirmed until further support is taken out around 20.85, at which point sellers are likely to regain control.

--- Written by Daniela Sabin Hathorn, Market Analyst

Follow Daniela on Twitter @HathornSabin

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

DISCLOSURES