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USDMXN Steadily Lower Throughout The Session, Back Below 18.00

MEXICO
  • Despite a very brief pop to session highs of 18.1228 following the US IP data, USDMXN (-0.44%) has been grinding steadily lower throughout the latter half of Thursday trade. The pair has slipped back below the 18.00 handle in recent trade.
  • The trend outlook overall in USDMXN remains bearish - moving average studies are in a bear mode position highlighting a downtrend and price is trading closer to its recent lows.
  • Price, on Apr 3, pierced the 18.00 handle and this has exposed the next key support at 17.8981, the Mar 9 low. A breach of this level would open 17.5746, the Aug 25 2017 low.
  • Key resistance and the bull trigger have been defined much further up at 19.2322. Initial firm resistance is at 18.4664, the 50-day EMA.

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