The Mexican Peso (MXN) is resuming its downtrend after a brief pause on Tuesday following an over 4% decline in its key pairs on Monday.
The Mexican Peso pauses after plummeting over 4% in key pairs on Monday. The possibility of the left-leaning Morena party winning a supermajority sparks fears among investors. USD/MXN breaks above a key long-term trendline, transforming the technical picture for the pair. The Mexican Peso is resuming its downtrend after a brief pause on Tuesday following an over 4% decline in its key pairs on Monday.
Technical Analysis: USD/MXN breaks decisively above major trendline USD/MXN – or the number of Pesos that can be bought with one US Dollar – breaks above a long-term trendline, marking a major shift in the outlook for the pair and probably reversing the intermediate-term downtrend to an uptrend. With both the short and intermediate trends bullish, the odds favor more upside over those time frames . USD/MXN 4-hour Chart Further upside could see USD/MXN reach the April highs at around 17.
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