USD/MXN accelerates fall below 20.00, to lows in almost a month

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  • Mexican peso rises for the fifth day in a row against the dollar.
  • Better tone in financial markets drives decline in USD/MXN.
  • The dollar accelerates the downward correction, the DXY has the worst day in the week.

USD/MXN is trading at 19.93, the lowest level since May 20. The Mexican peso is strengthened by the general rise in equity markets and a correction in the dollar.

On Wall Street, the Dow Jones rises 1.05% and the Nasdaq 2.25%. In Europe, the main markets are also advancing. The expectation of fewer restrictions in China and the economic data from Europe and the US help the good weather.

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The US retail sales report for April was recently released, showing higher-than-expected figures. Then the industrial production report was also better than expected, registering an advance of 1.1%, higher than the 0.5% expected in April. The data did not help the dollar.

The Mexican peso It is not one of the highest risers on Tuesday, but it is among the best of the last week. The USD/MXN accumulates a drop of 2.12% in one week, while the USD/BRL falls 3.02% and the USD/RUB 8.24%.

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Technically the break of 20.00 reinforced the bearish tone. If it continues like this, the USD/MXN could go looking for the next support at 19.85. Below is already the April low at 19.72. To the upside, now 20.00 is the first resistance followed by 20.18 and then the 20.25 zone, where horizontal resistance levels and the 20-day moving average converge.

Technical levels

USD/MXN

Overview
Today last price 19,937
Today Daily Change -0.0876
Today Daily Change % -0.44
Today daily open 20.0246
trends
Daily SMA20 20.2491
Daily SMA50 20.2511
Daily SMA100 20.3875
Daily SMA200 20.4444
levels
Previous Daily High 20.1838
Previous Daily Low 20.0202
Previous Weekly High 20,475
Previous Weekly Low 20.0781
Previous Monthly High 20.6382
Previous Monthly Low 19.7269
Daily Fibonacci 38.2% 20.0827
Daily Fibonacci 61.8% 20.1213
Daily Pivot Point S1 19.9686
Daily Pivot Point S2 19.9125
Daily Pivot Point S3 19.8049
Daily Pivot Point R1 20.1322
Daily Pivot Point R2 20.2399
Daily Pivot Point R3 20.2959

Source: Fx Street

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