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USDMXN Extending Fresh Seven-Year Lows, Approaching Key Support

MEXICO
  • The USDMXN downtrend remains intact, trading lower again today and extending on fresh seven-year lows for the pair. The bear trigger at 17.4207, the May 15 low, has been cleared. This confirms a resumption of the downtrend and opens 17.0507, the Apr 29 2016 low.
  • Moving average studies remain in a bear mode position, highlighting a downtrend and we bring attention to the following support levels that may come into play next:
    • SUP 1: 16.9791 - 1.618 projection of the Feb 6 - Mar 9 - Mar 20 price swing
    • SUP 2: 16.7758 - 1.764 projection of the Feb 6 - Mar 9 - Mar 20 price swing
  • Resistance to watch is the 50-day EMA, which intersects at 17.7804. This is a key short-term hurdle for bulls, where a break would signal a reversal. The 20-day EMA intersects at $17.5211.
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