USD/MXN rebounds to the 24.30 area as Mexican peso weakens


  • Mexican peso loses momentum amid risk aversion as Wall Street turns negative.
  • USD/MXN hovering around the relevant technical area of 24.30, rebounding from uptrend line.

The USD/MXN rebounded from 23.85 and climbed to 24.39, reaching a two-day high. It then pulled back to the 24.30 area. The Mexican peso ended a two-day rally, hit by risk aversion toward emerging markets.

The Brazilian real, the Turkish lira and the Mexican peso are the worst performers on Wednesday. The slide of BRL weighs on Latin American currencies. The USD/BRL is back near 5.70 and could post a record high close.

The rally in Wall Street appears to be losing steam, removing a key factor that drove the USD/MXN pair below 24.00. Also, on Wednesday, the US dollar strengthened. The DXY is rose back above 100.00 to the highest in a week, despite the ADP employment report that showed a 20 million job loss in April. 

USD/MXN technical levels: Not yet above 24.30

The pair is hovering slightly below 24.30, a critical level in the short-term. A consolidation above the mentioned area should clear the way to more gains in line with what technical indicators suggest at the moment. The next resistance stands at 24.55/60.

On the flip side, if the pair drops under 24.00 another test of the uptrend line from the April low seems likely; currently, it stands at 23.75.

usdmxn

USD/MXN

Overview
Today last price 24.2914
Today Daily Change 0.2956
Today Daily Change % 1.23
Today daily open 23.9958
 
Trends
Daily SMA20 24.1049
Daily SMA50 23.0805
Daily SMA100 20.9421
Daily SMA200 20.1951
 
Levels
Previous Daily High 24.17
Previous Daily Low 23.7834
Previous Weekly High 25.0256
Previous Weekly Low 23.6441
Previous Monthly High 25.7809
Previous Monthly Low 23.2825
Daily Fibonacci 38.2% 23.9311
Daily Fibonacci 61.8% 24.0223
Daily Pivot Point S1 23.7961
Daily Pivot Point S2 23.5964
Daily Pivot Point S3 23.4095
Daily Pivot Point R1 24.1827
Daily Pivot Point R2 24.3697
Daily Pivot Point R3 24.5694

 

 

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