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Risk-averse conditions are being demonstrated in global markets, but nervous conditions are likely to find a more comfortable stance eventually.
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The USD/MXN is trading near the 16.99900 ratio as of this writing with typical fast changes of value being shown. On Thursday of last week the USD/MXN touched a high of nearly 17.14300. On Wednesday of last week, the USD/MXN touched a high of nearly 17.18960. And on Tuesday of last week, the USD/MXN touched a height of nearly 17.28420 momentarily.
Tuesday’s high in the USD/MXN didn’t match the highs of the currency pair seen the previous Friday, but the value did touch prices last seen in the middle of June. While risk-averse trading has hit much of the broad Forex market in recent trading including the USD/MXN, the Forex pair has actually started to show bearish price action returning to its midst and the 17.00000 level is important, particularly if values can be sustained below this juncture in the near-term.
The USD/MXN has delivered a long-term bearish trend to its speculators, but since reaching a low of nearly 16.62300 on the 28th of July, the currency pair suffered from bullish momentum like most of the broad Forex market.
However, while other major currency pairs continued to struggle last week, the USD/MXN turned in rather technically alluring results with a noticeable downturn taking place since Tuesday. Yes, volatility has certainly been seen higher when reversals have erupted upwards, but the steps lower the past handful of trading days could prove to be attractive for USD/MXN bearish endeavors.
Risk-averse conditions are being demonstrated in global markets, but nervous conditions are likely to find a more comfortable stance eventually. The problem for all traders is to time when cautious trading will decide to take on more risk appetite. However, the USD/MXN may offer an opportunity for traders to test lower targets within a currency pair that has delivered downward price action over the long term if they are ready to wager using solid risk-taking tactics.
- Traders are urged to keep their targets realistic when positioning take profit orders in the USD/MXN. Reversals remain a natural part of the trading landscape. The 16.96000 to 16.94000 ratios look appealing for short-term wagers that use conservative leverage as lower targets.
- The 17.00000 will remain in focus early this week and likely be fought over. Resistance levels for the USD/MXN in the near term may continue to work around the 17.04900 to 17.12800 mark.
Current Resistance: 17.04700
Current Support: 16.98700
High Target: 17.12800
Low Target: 16.93200
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