The USDMXN dips a little on NAFTA headlines

Technical Analysis

Author: Greg Michalowski | usdmxn

Still higher on the day

The comments form Trudeau had limited impact on the USDCAD, but the USDMXN has dipped a bit perhaps from the hopes.  

Technically, the pair has dipped below 19.6980 which was a swing high from May 9th. The last 3days has seen the price move above and below the level, but the highs have been progressively lower.   The market is not running.

What is key from the USDMXN is that the 200 hour MA continues to be a level where buyers come in.  Going back to May 10, the MA line has been tested on 5 separate dips. There was one failed break on May 11th.  Going forward, that rising MA will be eyed for trading clues.  

On tests, expect buyers to follow the pattern, but on a break, look for momentum sellers as buyers turn to sellers.  


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