USD/MXN slips below range support – Société Générale
Source Fxstreet
USD/MXN has broken below its recent consolidation base, signaling renewed downside momentum, with 18.65 now the key barrier to cap rebounds before the pair potentially extends losses toward 18.15 and 17.80/60, Société Générale's FX analysts note.
Downtrend resumes in USD/MXN
"USD/MXN failed to establish itself above the 50-DMA during its recent rebound attempt and has breached the lower limit of its consolidation range, indicating a resurgence of downward momentum. While a brief bounce is underway, the moving average near 18.65 may cap the upside."
"If USD/MXN is unable to overcome 18.65, the downtrend may extend, with the next objectives at projections of 18.15 and the July 2024 lows of 17.80/17.60."
Disclaimer: For information purposes only. Past performance is not indicative of future results.
Recommended Articles
Bitcoin experienced volatile trading on Friday, sliding close to $111,000 as investors awaited critical U.S.
Australia’s trade surplus expanded more than anticipated in July, primarily fueled by robust export activity as demand for commodities in key Asian and European markets showed slight recovery during the month.
The U.S. dollar edged higher Tuesday, stabilizing after a slide to seven-week lows as traders looked ahead to key labor and inflation data expected to lock in a Federal Reserve rate cut next week.
ANZ Raises Gold Price Forecast to $3,800/Oz, Predicts Rally to Continue Through 2026Gold is expected to continue its upward momentum throughout 2025 and into early 2026, driven by ongoing geopolitical tensions, macroeconomic challenges, and market anticipation of U.S. monetary easing, according to analysts from ANZ in a research note released Wednesday.
Gold is expected to continue its upward momentum throughout 2025 and into early 2026, driven by ongoing geopolitical tensions, macroeconomic challenges, and market anticipation of U.S. monetary easing, according to analysts from ANZ in a research note released Wednesday.
Most Asian stock markets climbed on Thursday, with China leading gains fueled by renewed optimism around U.S. artificial intelligence developments.
Related Instrument
