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
EUR/USD
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
Oil - US Crude
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
Wall Street
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
Gold
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
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
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
  • Heads Up:🇬🇧 Gfk Consumer Confidence Final (JUN) due at 23:01 GMT (15min) Previous: -36 https://www.dailyfx.com/economic-calendar#2020-07-02
  • Understanding the US-Mexico relationship and how the ebb and flow of economic activity in the former impacts the latter is crucial for trading USD/MXN. Get your $USDMXN market update from @ZabelinDimitri and @FxWestwater here:https://t.co/oCRV13zbF0 https://t.co/gSzGAUJx4F
  • RT @FxWestwater: S&P 500 Rallies as Key Insiders Dump Stock, Traders Add Shorts - @DailyFX $SPX $SPY https://www.dailyfx.com/forex/fundamental/article/special_report/2020/07/02/SP-500-Rallies-as-Key-Insiders-Dump-Stock-Traders-Add-Shorts.html https://t…
  • The Dow Jones may rise based on signals from trader positioning, placing the focus on resistance ahead. This is as the S&P 500 pressures a key falling trend line, will it hold? Find out from @ddubrovskyFX here:https://t.co/UvXqX50YIp https://t.co/rr2s58Zyls
  • Hey traders! Get your market highlights from @DailyFX Chief Strategist @JohnKicklighter. What are some charts and themes we are wrapping up with today? Find out 👇 https://t.co/HOGohRF7tD
  • Texas virus cases increase 4.7% vs prior 4.2% 7-day average - BBG
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.51% 🇨🇦CAD: 0.17% 🇦🇺AUD: 0.16% 🇯🇵JPY: -0.03% 🇬🇧GBP: -0.05% 🇪🇺EUR: -0.11% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/9dkCjQChjR
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Gold: 0.32% Silver: -0.26% Oil - US Crude: -0.74% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/WNWW8VibD8
  • Texas Governor mandates face masks in public by executive order
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.35%, while traders in Germany 30 are at opposite extremes with 71.50%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/BbKn9Fy1J4
USD/MXN Price: Trendline Resistance Holding -Mexican Peso Forecast

USD/MXN Price: Trendline Resistance Holding -Mexican Peso Forecast

2020-06-17 09:30:00
Mahmoud Alkudsi, Analyst
Share:

USD/MXN – Eased Selling Pressure

  • US Dollar sellers may comeback
  • Bearish momentum remains intact

USD/MXN – Eased Selling Pressure

On Tuesday, USD/MXN tumbled to a near three-month low at 21.462 however, the price rallied after then close the weekly candlestick in the green with a 2.9% gain.

Last week, growing fears of a possible second wave of infections slowed down the US dollar selloff. This week, the U.S. Federal Reserve’s plan to kick off its corporate bond-buying program in an attempt to contain the economic damage from the coronavirus pandemic has provided the catalyst for the revival in risk appetite.

USD/MXN DAILY PRICE CHART (Sep 1, 2018 – June 17, 2020) Zoomed Out

USDMXN daily price chart 17-06-20 Zoomed out
USD Forecast
USD Forecast
Recommended by Mahmoud Alkudsi
Download our fresh Q2 USD Forecast
Get My Guide

USD/MXN DAILY PRICE CHART (Mar 19 – June 17, 2020) Zoomed In

USDMXN daily price chart 17-06-20 Zoomed in

On June 11, USD/MXN climbed to the current trading zone 22.041 – 23.315 however, the price rebounded and remained below the downtrend line originated from the April 24 high at 25.291 indicating that bulls were not ready to take charge of the price action.

A close below the low end of the zone signals that bears may re-attempt testing 20.962 then any further close below that level could send USDMXN even lower towards 20.260.

On the flip-side, if the price overtakes the aforementioned downtrend line then it could push towards the high end of the current trading zone. Any further close above that level may extend the rally towards 24.437.

Traits of Successful Traders
Traits of Successful Traders
Recommended by Mahmoud Alkudsi
Traits of Successful Traders
Get My Guide

USD/MXN four hour PRICE CHART (May 27 – June 17, 2020)

USDMXN four hour price chart 17-06-20

On June 9, USD/MXN broke above the downtrend line originated from the May 27 high at 22.489, and generated a bullish signal. However, the price has failed today to rally above the downtrend line originated from the Jun 12 high at 22.948 highlighting bull’s weakness. This could send the pair for a test of the uptrend line originated from the June 10 low at 21.679.

Therefore, a break below 21.723 could send USDMXN towards 21,088 on the other hand, any break above 22.754 may trigger a rally towards 23.134.Nonetheless, the daily support and resistance marked on the four-hour chart should be kept in focus.

Building Confidence in Trading
Building Confidence in Trading
Recommended by Mahmoud Alkudsi
Building Confidence in Trading
Get My Guide

Written By: Mahmoud Alkudsi

Please feel free to contact me on Twitter: @Malkudsi

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

DISCLOSURES

News & Analysis at your fingertips.