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Interesting Chart on the Mexican Peso

Posted by WorldWideMarkets . on Oct 31, 2013 3:18:00 AM

Interesting chart on the Mexican peso, Tuesday dollar/Mex was bumping up against resistance at the 100-day simple moving average at 12.3981. It’s also bumping the 50 percent retracement of the move from the peak on June 20 to the low on July 18. Having said that, there has been a sell signal on the dollar against the Mex using the 12- and 26-day MACD since October 11.

Spec are technically long the peso at 10,933 net contracts but it’s been around that level or short 10,000 contracts since Aug 20 which is just adjustment rather than a guage of market sentiment. If anything, specs are neutral.

Watch any move down to the 200-day simple moving average on dollar/Mex at 12.7016 which is looming large as support but would imply the momentum is on the peso rather than the dollar. mexican peso


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