Forex technical analysis: USDMXN runs lower on Trump comment, but stalls

Technical Analysis

Author: Greg Michalowski | usdmxn

Hits the 100 hour MA and stops

Pres. Trump said that the NAFTA talks were going well. That helped to pushed the USDMXN lower (MXN higher).


However, the fall did have a limit. That limit stalled the fall at the 100 hour MA (blue line in the chart above at 18.66677 level. 

Overall, the USDMXN price action since the end of December, has been trending to the downside. The price over the last 5 days have traded above and below the 100 day MA and the 50% of the move up from the July low at 18.67621.  The price is currently back above those two technical levels.  This price action was despite a more negative NAFTA backdrop.  

I guess the 100 day and 200 day MA is a neutral level to trade around as the current round of NAFTA talks will be more difficult.  

Mexico's chief NAFTA negotiator Smith speaking in Montréal just said that the "next NAFTA round aimed at advancing on toughest issues"


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