The united states Dollar. Mexican Peso (USD/MXN), Price Analysis and the Map:
- The Mexican Peso firms as oil continues to rally.
- USD/MXN bearish trend remains in place.
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USD/MXN – downward Trend Remains in Charge
The Mexican Peso continues to benefit from strong oil and the complex rebound the beginning of April, a 6 spike low and the USD/MXN pair continued its slow grind lower. The U.S. dollar is also moving lower as the Fed’s money printer continues to function over time, and the rebound potential seems to be capped around the 101 area. Later today, the FOMC minutes will give the market a clearer picture on the state of health of the u.s. economy, even if, given the Fed Chairman, and secretary Powell’s testimony to Congress yesterday, most of these prospects, there is probably already a price in US dollar.
The US Dollar Basket (DXY) daily Price Chart (October 2019 May 20, 2020)
The recent downward trend continues of their members, the price action and the pair is now closing in on a multi-week support, such as the series of lower highs remains in place. The recent change of trend has been highlighted by the 20-dma (the red line) is now falling through the 50-dma (the blue line), and if the horizontal support judgment of 13 April reversal candle low is broken and closed below the 38.2% Fib retracement and the big man,” the support of the 23: 00 the guard in the March 26, swing low 22.8625. Below, the levels of support are more difficult to identify due to the volatility of the price action observed in some of the bullish candles from This barcelo cayo libertad club premium, but a 50% retracement of the late March/early April rally crossing at 22.153.
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USD/MXN Daily Price Chart (October 2019 May 6, 2020)
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