USD/MXN Price Analysis: Mexican peso heavies after surge in coronavirus death toll


  • USD/MXN stalls pullback from record top.
  • Mexico registers 296 new coronavirus cases, 125 deaths on Monday.
  • A confluence of 5-day SMA, one-week-old rising trend line limits immediate declines.
  • Buyers will wait for entry for a sustained move beyond March high.

Following its U-turn from the record top, USD/MXN registers 0.15% gains to 24.66 amid the Asian session on Tuesday. The surge in Mexico’s coronavirus (COVID-19) statistics seems to be the latest catalyst propelling the pair.

Reuters relied on the Mexican Health Ministry updates to convey that Mexico has registered 296 new coronavirus infections, bringing the country’s total to 2,493 cases and 125 deaths.

As a result, the pair bounces off 5-day SMA level, needless to mention the short-term rising trend line, which limits the pair’s immediate declines.

Even so, buyers will wait for sustained trading beyond the previous month’s high of 25.46 for a clear move above 26.00.

On the downside, an area comprising immediate SMA and support line near 24.57/47 will question the sellers during the fresh declines.

 In a case where the USD/MXN prices slip below 24.47, a 21-day SMA level of 23.56 becomes the key as it holds the gate for further south-run to March 27 low close to 22.86.

USD/MXN forecast chart

Trend: Bullish

Additional important levels

Overview
Today last price 24.5746
Today Daily Change -0.0590
Today Daily Change % -0.24%
Today daily open 24.6336
 
Trends
Daily SMA20 23.5098
Daily SMA50 20.8201
Daily SMA100 19.9384
Daily SMA200 19.6628
 
Levels
Previous Daily High 25.7809
Previous Daily Low 24.5848
Previous Weekly High 25.0559
Previous Weekly Low 23.3423
Previous Monthly High 25.459
Previous Monthly Low 19.1536
Daily Fibonacci 38.2% 25.0417
Daily Fibonacci 61.8% 25.324
Daily Pivot Point S1 24.2186
Daily Pivot Point S2 23.8037
Daily Pivot Point S3 23.0225
Daily Pivot Point R1 25.4147
Daily Pivot Point R2 26.1959
Daily Pivot Point R3 26.6108

 

 

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