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Broad Greenback Weakness Weighs On USDMXN

  • The earlier continued hawkish rhetoric from Banxico’s Heath, combined with the softer greenback following weaker US data are weighing on USDMXN. The pair has fallen 0.6% and is narrowing the gap with last week’s lows.
  • The USDMXN trend outlook remains bearish following the recent breach of 19.7533, the Sep 12 low and 19.4136, the May 30 low and a key support, strengthening the case for bears.
    • Moving average studies are in a bear mode position too, highlighting current sentiment. The focus is on 19.1560, the Mar 3 2020 low ahead of 19.0000. The next firm resistance is seen at 19.7719, the 50-day EMA.

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