Hey!!!! What do you mean crush the bull? Why is everybody always picking on me
I am going to need to start charting this pair....
Good luck with your wealth building.
--bull
[17:42 USD/MXN: Failure Into Friday"s Highs Sends Longs to Exits] New York,
August 28. Failures o/n and again during the US morning to bid USD/MXN prices
beyond Friday"s high of 10.979 triggered a rush to get out of long trades today,
despite a fairly steady performance by the dollar elsewhere during the NY
morning. Also disregarded was a sharp drop in oil prices and lingering concerns
that the slowdown in the US economic expansion will eventually hurt Mexican
exports and the peso. There is also the Mexican electoral court session now
underway to determine the winner of the July 2 presidential race and the US
employment report at week"s end for the USD/MXN market to ponder. But behind all
of that are interest rates spreads that continue to favor the peso as long as
the Mexican economic and financial fundamentals are seen holding up reasonably
well. With the Fed likely at the end of its tightening cycle and the BoM at the
bottom of their easing cycle, there is some reason to expect current spreads to
remain essentially intact for a while.
Momentum funds were reportedly selling at 10.940, with prices thus far falling
to 10.867. We are keeping an eye on the 200-day MA at 10.863 for support,
particularly on a daily closing basis. Recent daily uptrend line support is at
10.848 today. Daily studies are beginning to roll over to sells from slightly
below overbought readings, so there is scope for a retest of the August 16 trend
low of 10.733.
I am going to need to start charting this pair....
Good luck with your wealth building.
--bull
[17:42 USD/MXN: Failure Into Friday"s Highs Sends Longs to Exits] New York,
August 28. Failures o/n and again during the US morning to bid USD/MXN prices
beyond Friday"s high of 10.979 triggered a rush to get out of long trades today,
despite a fairly steady performance by the dollar elsewhere during the NY
morning. Also disregarded was a sharp drop in oil prices and lingering concerns
that the slowdown in the US economic expansion will eventually hurt Mexican
exports and the peso. There is also the Mexican electoral court session now
underway to determine the winner of the July 2 presidential race and the US
employment report at week"s end for the USD/MXN market to ponder. But behind all
of that are interest rates spreads that continue to favor the peso as long as
the Mexican economic and financial fundamentals are seen holding up reasonably
well. With the Fed likely at the end of its tightening cycle and the BoM at the
bottom of their easing cycle, there is some reason to expect current spreads to
remain essentially intact for a while.
Momentum funds were reportedly selling at 10.940, with prices thus far falling
to 10.867. We are keeping an eye on the 200-day MA at 10.863 for support,
particularly on a daily closing basis. Recent daily uptrend line support is at
10.848 today. Daily studies are beginning to roll over to sells from slightly
below overbought readings, so there is scope for a retest of the August 16 trend
low of 10.733.