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Recent Good Call - USD/MXN

By:  Rob Zukowski Posted:  26 Jan 13:31

Chart USD/MXN Update: 21.09/00 target zone tested and now we move to temporary neutral and watch the 50-day MA (0100-KMSM-C01)

Comment: 

USD/MXN has fully reversed Mon's bounce early today. Our chart plan is to stay with the S/T bear view that we put out on 12 Jan as long as we don't see a close above 22.00 this week. Our S/T target goal is the 21.09/00 zone and we watch to see how far today's selloff can extend, but it is doubtful that the 21.09/00 zone can be reached today. It could take the week to get there. (17 Jan)

 

Result:

USD/MXN tested our S/T bear target zone at 21.09/00 on the week and around the 50-day MA at 20.894 it could become a bit more 'tricky' now. We will now move to temporary neutral and wait to see if the mkt can close below the 50-day MA today before attempting any new bear view to 20.50 and lower. If the 50-day MA holds, there could be short covering to 21.24. (26 Jan)

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