USD/MXN: Chart of the day

Blake Morrow Forex Analytix

After the USDMXN broke the 200dma we'd expect some near term consolidation. However, the long term bounce from the key 19.5700 level support was significant the last couple weeks. 1. It created a false breakdown below the support that was formed April/May. 2. The lows from a couple weeks back also matched the early 2021 lows in January (19.54XX). At this time we'd expect the 200dma and the May 4th highs near the 20.3300 to offer near term support for the bulls.

Author

Blake Morrow

Forex Analytix

Blake Morrow spent most of his professional career as the Chief Currency Strategist for Wizetrade group for 15 years, and then the Senior Currency Strategist for Ally Financial after the acquisition of Tradeking which owned the Wizetrade Group.

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