USD/MXN soars above 18.0000 as Fed hints more hikes; rate cut expectations pushed back – by christianborjon USDMXN EmergingMarkets Currencies Macroeconomics Technical Analysis
From a technical analysis perspective, the USD/MXN is still downward biased. However, the recent leg-up could put up a test to the 20-day Exponential Moving Average at 18.1929, which, once cleared, could exacerbate a rally, initially to the 50-day EMA at 18.4035. A breach of the latter and the USD/MXN pair will continue higher towards the 100-day EMA at 18.7272. On the contrary, a fall below 18.0000 can open the door for a re-test of the YTD low at 17.8968.
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