USD/MXN remains below 200-day MA after Trump's "Border Wall Speech"

• USD/MXN has barely moved after President Trump's border wall speech.
• President Trump stressed the need to build a border wall on the Mexico border.

The USD/MXN pair is trading in a sideways manner below the 200-day moving average (MA), having found acceptance under the long-term MA on Monday.

President Trump, while addressing the nation on the Prime Time TV, said that a barrier is absolutely critical to border security, as the Americans are hurt by uncontrolled and illegal migration. He added further that the steel wall along the Mexican border worth $5.7 billion would "very quickly pay for itself."

Trump's border rhetoric, however, has failed to move the Mexican peso. As of writing, the USD/MXN is trading largely unchanged on the day at 19.34.

That said, USD/MXN's 14-day relative strength index (RSI) is closing on oversold levels below 30.00. As a result, the bearish momentum could weaken in the short-term.

USD/MXN Technical Levels