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Forex: USD/MXN testing lows after rate decision, trade surplus

FXstreet.com (Barcelona) - The Mexican peso is inching higher against the greenback on Friday after the Banxico (Mexican central bank) left the benchmark rate unchanged at 4.0%, matching consensus.

The wider trade surplus during March - $1.71 billion vs. $0.04 billion – and the prevailing risk-on context are also bolstering the stronger peso.

As of writing, the cross is down 0.17% at 12.1475 with the next support at 12.0626 (low Apr.15) ahead of 12.0189 (low Apr.11) and finally the psychological level at 12.0000.
On the upside, a breakout of 12.2043 (MA10d) would expose 12.3535 (high Apr.22) and then 12.3750 (high Apr.23).

Forex Flash: Gilts eying 20-day MA – RBS

According to Dmytro Bondar, a Technical Strategist at RBS, “Gilts met the initial target of 119.93 but fell short of 120.52 and formed a major reversal candlestick pattern (higher high, lower low, lower close) known as an outside session. It changes the view and suggests that should the 20-day MA and 119.27 level be broken, there would be strong chances of turning bearish with targets of 119.00 and 118.61. A sustained price above 120.00 makes it constructive again.”
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Bank of America Merrill Lynch analyst Ethan S. Harris notes that one of the key themes in recent months is that inflation is undershooting the targets for the Fed and other central banks.
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