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. See our updated Privacy Policy here.

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
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
Oil - US Crude
Bullish
Wall Street
Bearish
Gold
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
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • Commodities Update: As of 16:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.51% Silver: 0.28% Gold: 0.06% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/UmBSp15B4F
  • Forex Update: As of 16:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.26% 🇳🇿NZD: 0.24% 🇬🇧GBP: 0.20% 🇯🇵JPY: 0.17% 🇨🇭CHF: -0.07% 🇪🇺EUR: -0.09% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/Rhus0rXhmM
  • Gold Price Forecast: XAU Pullback Ahead of FOMC - GLD Levels https://www.dailyfx.com/forex/fundamental/daily_briefing/session_briefing/daily_fundamentals/2021/06/16/Gold-price-forecast-xau-pullback-ahead-of-fomc-gld-gold-gc-levels.html $Gold https://t.co/Mj0i2YvGZl
  • Indices Update: As of 16:00, these are your best and worst performers based on the London trading schedule: France 40: 0.05% Germany 30: 0.01% FTSE 100: -0.05% Wall Street: -0.07% US 500: -0.08% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/9RcvesS3Sx
  • and Nessun Dorma https://t.co/iyDrAWCik6
  • Please add, 'Won't Get Fooled Again' by The Who to your playlist https://t.co/kIf2IAad9x
  • @JohnKicklighter be sure to put Muse’ ‘Knights of Cydonia’ and ‘Uprising’ into your rotation
  • Saving Ride of the Valkyries by Wagner for the the minutes leading up to the release. Currently on Stockholm Syndrome by Muse
  • Saudi Energy Minister says the oil market is not out of the woods yet - OPEC+ cautious stance is paying off
  • On to I Might Be Wrong and Hunting Bears by Radiohead
USD/MXN – US Dollar Quiet on Major Support vs Mexican Peso

USD/MXN – US Dollar Quiet on Major Support vs Mexican Peso

Paul Robinson, Strategist

USD/MXN Highlights:

  • USD/MXN big-picture triangle triggered last month
  • Sitting on the 2019 low at 18.74, no buyers (or sellers) yet
  • A drop through to confirm breakdown, else could be a fake-break

USD/MXN has been unusually quiet the past few weeks since breaking down out of a long-term triangle pattern. Given the size and duration of the formation (extending back to early 2017), the breakdown could become a serious threat to the downside.

But before sellers can gain traction, the 2019 low at 18.74 needs to be broken. USD/MXN has been trading on this support level for the past week, but again as said already, the price action is unusually quiet, so and a make or break situation is brewing.

A decline below 18.74 will confirm the December breakdown through the underside trend-line of the triangle, and could very well start ushering in a much stronger move and increased volatility. The next level to watch below 18.74 clocks in around 18.40, then the 2018 low near 17.93.

On the flip-side, a hold here of support and reversal could set into a motion a squeeze higher that ends up negating the bearish break in favor a bullish one at some point. To accomplish this, USD/MXN will need to rally beyond 20 to turn the bearish break into a fake one. More on this later should it come to fruition.

For now, patiently waiting to see if 18.74 can break following this period of unusually tight trading conditions. It shouldn’t be much longer before we see a resolution of some sorts.

USD/MXN Weekly Chart (bearish break in place)

USDMXN weekly chart

USD/MXN Chart by TradingView

USD/MXN Daily Chart (18.74 is a big level)

USD/MXN daily chart, 18.74 is a big level

USD/MXN Chart by TradingView

***Updates will be provided on the above thoughts and others in the trading/technical outlook webinars held at 1030 GMT on Tuesday and Friday. If you are looking for ideas and feedback on how to improve your overall approach to trading, join me on Thursday each week for the Becoming a Better Trader webinar series.

Resources for Forex & CFD Traders

Whether you are a new or experienced trader, we have several resources available to help you; indicator for tracking trader sentiment, quarterly trading forecasts, analytical and educational webinars held daily, trading guides to help you improve trading performance, and one specifically for those who are new to forex.

---Written by Paul Robinson, Market Analyst

You can follow Paul on Twitter at @PaulRobinsonFX

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

DISCLOSURES