News
USD/MXN pares the biggest daily gain in a month but lacks downside momentum of late. A clear upside break of the triangle, sustained trading beyond the key SMA confluence favors Mexican Peso sellers. Overbought RSI prods USD/MXN buyers ahead of US NFP.<
USD/MXN takes offers to refresh intraday bottom surrounding 16.98, after reversing from the weekly top, as markets brace for the key US employment report for August on Friday.
USD/MXN rallied the most in a month while refreshing the weekly top on Thursday after it crossed the top line of a five-week-old symmetrical triangle. The bullish breakout also gained support from the MACD signals to renew the multi-day top. However, the nearly overbought RSI and the pre-data positioning seem to weigh on the Mexican Peso (MXN) pair of late.
Even so, a convergence of the 100-SMA and 200-SMA, around 16.94–93, appears a tough nut to crack for the USD/MXN sellers. Following that, the stated triangle’s top line surrounding 16.87 will be in the spotlight.
Should the USD/MXN bears keep the reins past 16.87, the odds of witnessing a fall toward the rising support
Vent News Editorial Past A Comment
PBOC sets USD/CNY reference rate at 7.1788 vs. 7.1811 previous
USD/MXN Price Analysis: Mexican Peso rebound needs validation from 16.87 and US NFPGBP/USD treads waters toward 1.2700, focus on US employment dataAUD/USD flat-lines below 0.6500 mark, reacts little to slightly better China PMIUSD/CNH slides to three-week low around 7.2400 on PBoC RRR cut, upbeat China PMI, focus on US NFP
