Categories: Technical analysis

USDMXN Analysis – July 4, 2018

Mexican Peso The Mexican Peso (MXN) has surged on improving sentiment as Andres Manuel Lopez Obrador, the country’s next president spoke with President Trump about border security, the North American Free Trade Agreement (NAFTA) and a potential bilateral trade deal. Lopez Obrador calmed nerves by repeating his pledge to maintain fiscal discipline and respect private investment.

On the 4-hourly chart, USDMXN is finding strong support at the 50% retracement from the lows of April to the highs of June at 19.45. A break of this level is needed for trend continuation to 19.10 and 18.80. Any bullish reversal will find resistance at 19.63 and then 19.80. A break of 19.80 is needed for a possible change of trend.

The FxPro Analyst Team

Our team consists of financial market experts. Our dedicated professionals prepare reviews on the foreign exchange market situation, Crude Oil, Gold and Stock Indices. All the analysts are regularly published in the world leading economic media.

Share
Published by
The FxPro Analyst Team
Tags: usdmxn

Recent Posts

Adobe Wave Analysis 3 May 2024

- Adobe reversed from support zone - Likely to rise to resistance level 500.00 Adobe…

2 days ago

EURGBP Wave Analysis 3 May 2024

- EURJPY reversed from support zone - Likely to rise to resistance level 0.8625 EURGBP…

2 days ago

How Low Can the USDJPY Go?

USDJPY was slipping below 153 on Friday morning, a three-week low and having lost over…

2 days ago

Bitcoin’s Downtrend, Solana and Ethereum Form Double Bottom

Market picture  Crypto market capitalisation rose 3.3% in 24 hours to $2.22 trillion. Local capitalisation…

2 days ago

EURJPY Wave Analysis 2 May 2024

- EURJPY under strong bearish pressure - Likely to fall to support level 163.10 EURJPY…

3 days ago

WTI crude oil Wave Analysis 2 May 2024

- WTI broke round support level 80.00 - Likely to fall to support level 76.00…

3 days ago

This website uses cookies