USD/MXN rejected from above 19.50, drops to test weekly lows near 19.30


  • Mexican peso jumps from 6-day lows to test September highs. 
  • Dollar reverses across the board as crude oil prices collapse more than 5%. 

The USD/MXN pair reversed sharply during the American session and dropped from above 19.50 to 19.34 (last week low). As of writing, it is hovering near daily lows, with a strong negative momentum. 

After a spike to 19.54, USD/MXN started to decline at the same momentum the US Dollar weakened across the board and when crude oil prices reversed sharply.

WTI crude is falling more than 5%, after Saudi Arabia reported the restoration of most the oil output is lost after the weekend attacks. Equity prices in Wall Street are mixed, amid the reversal in crude oil prices, rising geopolitical tensions and ahead of the Federal Reserve decision. 

US data released today showed industrial production rose 0.6% in August,  a reading above expectations (0.2%) and it represents a rebound after the 0.1% slide of July.  The NAHB Housing Market Index sentiment climbed in September to the highest level this year. Economic numbers did not help the greenback that was probably also affected by a modest decline in US yields. 

Technical Outlook 

Another reversal in USD/MXN but now in favor of the Mexican Peso. Price was rejected from above a key resistance level around 19.50 and retreat to test the 19.30/35 support. A close below the last one could clear the way to more losses while above 19.60 it could signal the rally of MXN is over. 

More Levels 

USD/MXN

Overview
Today last price 19.3602
Today Daily Change -0.0800
Today Daily Change % -0.41
Today daily open 19.4402
 
Trends
Daily SMA20 19.7698
Daily SMA50 19.4694
Daily SMA100 19.3154
Daily SMA200 19.2903
Levels
Previous Daily High 19.4689
Previous Daily Low 19.397
Previous Weekly High 19.61
Previous Weekly Low 19.3468
Previous Monthly High 20.2581
Previous Monthly Low 19.1148
Daily Fibonacci 38.2% 19.4414
Daily Fibonacci 61.8% 19.4245
Daily Pivot Point S1 19.4018
Daily Pivot Point S2 19.3635
Daily Pivot Point S3 19.33
Daily Pivot Point R1 19.4737
Daily Pivot Point R2 19.5072
Daily Pivot Point R3 19.5456

 

 

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