USD/MXN is bouncing on risk-off flows, but 18.00 remains the key resistance level where sellers may look to reenter the broader downtrend.
Technical Analysis
USD/MXN refers to the US Dollar/ Mexican Peso currency pair. USD/MXN is an exotic pair, as Mexico is considered a developing economy, and it is being traded against a major currency....
The USD/MXN pair can be traded in the US from Sunday evening until Friday afternoon though trading volume and levels of volatility vary greatly. In general, morning hours present the best time to trade the Mexican Peso as this period includes the release of US economic data (8.30-10 am ET) and it is the window of greatest activity. Mexican peso trading hours also follow US equity and futures exchange hours. Mexico’s natural resources make it a commodity-based currency. It is a top-15 producer of oil, and the value of the MXN is strongly influenced by oil and gas price fluctuations and any other economic indicators impacting energy futures markets, such as the US Oil Inventory report. Moreover, the Mexican peso is interdependent with the Colombian peso (COP) and the Brazilian real (BRL), both of which are heavily reliant on petroleum exports. The USD/MXN currency pair is impacted by events occurring both in Mexico and the US. The two countries’ economic policies are correlated, with Banco de México frequently announcing decisions close on the heels of US Federal Reserve announcements.
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Technical Analysis
Technical Analysis
The month of February has been negative for the US dollar against the Mexican peso with traders continuing to take advantage of the interest rate differential and the swap at the end of each day.
Technical Analysis
USD/MXN is holding a short-term floor near 17.10, with 17.50 as the key upside test and 17.00/16.50 as the next downside targets if support breaks.
Technical Analysis
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The US dollar has rallied on Thursday as we are trying to find out whether or not the market can finally break below 17. The Core PCE numbers coming out on Friday could be the next big mover here.
Technical Analysis
The US dollar looks as if it is trying to bounce a bit after a little bit of a drop on Wednesday as the dollar continues to chop back and forth against the Mexican peso. This is a great carry trade pair, which has plenty of momentum longer-term.
Technical Analysis
The US dollar rebounded slightly against the Mexican peso on Thursday, but the prevailing downtrend and carry trade dynamics continue to favor the peso.
Technical Analysis
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The US dollar has rallied slightly during the early hours here on Tuesday as we are sitting at a major bottom that could open up. This is a market that continues to pay you for being short.
Technical Analysis
The US dollar initially broke higher during the trading session on Friday, breaking above the 17.5 level, only to turn around yet again, at the same important level it has all week.
Technical Analysis
The US dollar fell during the trading session on Tuesday against the Mexican peso to continue to overall strong downtrend that has been very reliable over the last few months. That being said, this is an interest rate play, and more.
Technical Analysis
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The USD/MXN is near the 17.48800 ratio as of this writing, this as speculators are being confronted with wide spreads and notoriously fast conditions in the broad Forex market.
Technical Analysis
The USD/MXN pair remains under pressure near 17.5 resistance, with traders watching for exhaustion to reenter short positions amid a dominant peso-driven carry trade.
Technical Analysis
The US dollar has fallen again against the Mexican peso, breaking below the hammer from the previous session, a sign of weakness I often trade. This is a market that pays you to stay short, in the “carry trade.”
Technical Analysis
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The US dollar remained quiet against the Mexican peso on Thursday, with the carry trade favoring downside momentum and the 17.50 level offering support.
Technical Analysis
USD/MXN attempted an early Thursday rally but remains under steady downward pressure. With resistance near 18.50, a supportive rate differential for the peso, and strong US-driven Mexican exports, the pair continues to favor a grind lower.
Technical Analysis
The US dollar has rallied a bit during the trading session here on Friday as we are approaching the 18.50 pesos level. This is an area that previously had been support, so it does make a certain amount of sense that it ends up being resistant as market memory comes into the picture. The 50 day EMA is sitting right around that area as well. And of course we have a downtrend line. So, it all ties in together quite nicely to offer resistance. Because of this, I will be looking forward to seeing if we get signs of exhaustion because that would be probably one of the better signs that you can get. Although obviously nothing is 100 % accurate, it is an area that you would expect to see it. If we can break above the 18.8 level, which probably takes a couple of days’ worth of pressure, then the US dollar probably rallies quite significantly against the Mexican peso.
Technical Analysis