USD/MXN: Ongoing down move to persist on failure to defend 16.60 – SocGen

Market news

18 March 2024

USD/MXN: Ongoing down move to persist on failure to defend 16.60 – SocGen

Economists at Société Générale analyze USD/MXN technical outlook.

Cross above 200-DMA near 17.00/17.20 crucial to avert one more leg of decline

USD/MXN failed to establish above 200-DMA near 17.20 in recent attempt extending the decline towards last year low of 16.60 which is a potential support.

Daily MACD has been posting positive divergence denoting receding downward momentum but signals of reversal in downtrend are not yet visible.

Cross above the 200-DMA near 17.00/17.20 would be crucial to avert one more leg of decline.

In case the pair fails to defend 16.60, ongoing down move is likely to persist towards next projections at 16.40 and 16.10.

Natural Gas jumps 4% on Monday as pressure builds on European market

Gold price faces pressure as key central bank meetings loom large

Market Focus

Material posted here is solely for information purposes and reliance on this may lead to losses. Past performances are not a reliable indicator of future results. Please read our full disclaimer

Open Demo Account & Personal Page

Personal area

support@teletradepartners.com

Risk Warning: Trading in the financial markets (including trading on margin) provides a wide range of opportunities and enables investors ready to take risks to make high profits, but it carries a potentially high level of risk of loss. Therefore, prior to trading you should take into careful consideration whether such operations are suitable for you in terms of your level of knowledge and financial situation.