USD/MXN sees the longest stretch of daily losses in seven months. MXN could gain further, as technical studies indicate bears are in control. USD/MXN fell for the sixth straight day on Monday as oil prices remained bid, helping the Mexican Peso draw bids. That is Peso’s longest daily winning run in seven months. At press time, the local unit is trading largely unchanged on the day at 22.5538. Technical charts indicate the MXN’s rally has legs. The USD/MXN pair has found acceptance under the widely-tracked 38.2% Fibonacci retracement level of the rally from February low to April high and the breakdown is backed by a below-50 reading on the 14-day relative strength index (RSI). The MACD histogram, too, is producing deeper bars below the zero line, indicating a strengthening of the bearish momentum. A major support is now located at 21.633 (100-day moving average), which, if breached, would expose the 61.8% Fibonacci retracement of 21.2942. On the higher side, a close above the descending or bearish 10-day average, currently at 23.3285 is needed to abort the immediate bearish trend. Daily chart Trend: Bearish Technical levels FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Inflation ahead? US velocity of money hits multi-decade lows FX Street 3 years USD/MXN sees the longest stretch of daily losses in seven months. MXN could gain further, as technical studies indicate bears are in control. USD/MXN fell for the sixth straight day on Monday as oil prices remained bid, helping the Mexican Peso draw bids. That is Peso’s longest daily winning run in seven months. At press time, the local unit is trading largely unchanged on the day at 22.5538. Technical charts indicate the MXN’s rally has legs. The USD/MXN pair has found acceptance under the widely-tracked 38.2% Fibonacci retracement level of the rally from February low to April high and the… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
