20 Mar 2015
USD/MXN testing lows near 15.00
FXStreet (Edinburgh) - The Mexican peso is gathering traction vs. its neighbor North of the border, sending USD/MXN to the boundaries of the critical support at 15.00.
USD/MXN weaker post-data
The pair’s downside has accelerated after retail sales in the Mexican economy surprised investors to the upside during January, expanding 2.1% inter-month and 4.7% over the last twelve months vs. previous prints at -0.8% and 2.4%, respectively.
The pair is retreating for the second consecutive week following multi-year peaks in the 15.6600 area in early March.
USD/MXN relevant levels
As of writing the pair is losing 1.58% at 15.0378 with the next support at 14.9950 (low Mar.19) followed by 14.9237 (55-d MA) and then 14.9070 (low Feb.27). On the upside, a break above 15.3550 (high Mar.19) would open the door to 15.4111 (61.8% of 15.6690-14.9950) and finally 15.6690 (high Mar.11).
USD/MXN weaker post-data
The pair’s downside has accelerated after retail sales in the Mexican economy surprised investors to the upside during January, expanding 2.1% inter-month and 4.7% over the last twelve months vs. previous prints at -0.8% and 2.4%, respectively.
The pair is retreating for the second consecutive week following multi-year peaks in the 15.6600 area in early March.
USD/MXN relevant levels
As of writing the pair is losing 1.58% at 15.0378 with the next support at 14.9950 (low Mar.19) followed by 14.9237 (55-d MA) and then 14.9070 (low Feb.27). On the upside, a break above 15.3550 (high Mar.19) would open the door to 15.4111 (61.8% of 15.6690-14.9950) and finally 15.6690 (high Mar.11).