- The Mexican peso rises for the fourth day of the last five against the dollar.
- The dollar loses strength due to a rebound in the markets and raw materials.
- USD/MXN falls towards 20.00, with a negative outlook.
USD/MXN is falling on Monday against a backdrop of calm markets, lower Treasury yields and a rebound in commodities. The Mexican peso is trading at one-week highs and aims to test the 20.00 zone.
The strong reversal that started on Wednesday from a peak above 20.60 continues. On Monday the USD/MXN opened near 20.15 with a bearish bias. It recently broke below 20.05 and fell to 20.03, the lowest since September 23.
The price returned below the 20-day moving average and if it continues below 20.17 the bias will be negative. If it breaks 20.00, the next strong support is located in the area of 19.80. A firm return above 20.25 would be a positive factor putting USD/MXN back on track for more gains and a test of 20.45.
The Mexican peso is favored at the beginning of the week by a rise in shares on Wall Street and a drop in the yields of US Treasury bonds. In turn, raw materials recover, highlighting the advance in the Petroleum. The barrel of WTI rises more than 4%.
|Last Price Today||20.0758|
|Today’s Daily Change||-0.0661|
|Today’s Daily Change %||-0.33|
|Today’s Daily Opening||20.1419|
|20 Daily SMA||20.0606|
|50 Daily SMA||20.1263|
|100 Daily SMA||20.1319|
|200 Daily SMA||20.2631|
|Previous Daily High||20.1979|
|Previous Daily Minimum||20.0509|
|Previous Maximum Weekly||20.5794|
|Previous Weekly Minimum||20.0509|
|Monthly Prior Maximum||20.5794|
|Previous Monthly Minimum||19.7533|
|Daily Fibonacci 38.2%||20.1071|
|Daily Fibonacci 61.8%||20.1418|
|Daily Pivot Point S1||20.0625|
|Daily Pivot Point S2||19.9832|
|Daily Pivot Point S3||19.9156|
|Daily Pivot Point R1||20.2095|
|Daily Pivot Point R2||20.2772|
|Daily Pivot Point R3||20.3565|
Source: Fx Street