USDMXN negative consolidation theme, downside bias

Intermediate

An erratic, but overall negative consolidation theme has dominated May, with a very cautious tone going towards month-end, but the bias remains for a challenge lower and we see downside risks into Tuesday.

On an intermediate-term basis, we see a broader range as 19.318 to 18.747, BUT with the skewed risks for an intermediate-term bearish shift below 18.747

For Today:    

  • We see a downside bias for 18.981; break here aims for 18.934, maybe 18.911.
  • But above 19.101 opens risk up to 19.165.

Intermediate-term Range Breakout Parameters: Range seen as 19.318 to 18.747.

  • Upside Risks: Above 19.318 sets a bull trend to aim for 19.480, 19.622 and the 19.70/72 area.
  • Downside Risks: Below 18.747 sees a bear trend to target 18.501, 18.405 and 18.000/17.940.

Daily USDMXN Chart

usdmxn

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Steve Miley has 29 years of financial market experience and as a seasoned expert now has many responsibilities. He is the founder, Director and Primary Analyst at The Market Chartist, the Editor-in...continued

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