2020-03-17 • Updated
Performance in 2020: +20%
Last day range: 22.45 – 22.83
52-week range: 18.51 – 23.06
Even if you open a monthly chart, you will not be able to link the current position of the USD/MXN to any point before. Trading at 22.60, this currency pair is at the all-time highs.
As the chart shows, this is a very recent move. It was fueled by the coronavirus-related events and the oil price war. However, it doesn’t mean that the factors pressing on the Mexican peso have just appeared – this currency has been chronically losing its value to the US dollar due to the fundamental weakness of the Mexican economy compared to its northern partner. This weakness has just gained stronger momentum and got propelled to a higher level than before.
Given the current circumstances, there are all the reasons to see the USD/MXN going higher, although a downward correction is to be expected in the short term before the next leap up.
Resistance 22.86
Support 22.45
Earnings season is a crucial time for investors and analysts, as it provides insights into how well companies have performed over the past quarter and gives indications of their future earnings. In 2023, expectations for US Q1 earnings were low due to economic challenges and rising interest rates. Surprisingly, many companies beat these low expectations, with 75% of S&P 500 companies surpassing forecasts.
When I started trading stocks a few years ago, I often needed to pay more attention to my technical analysis skills and trust that the market would play fair according to my analysis. I have since discovered that the safer approach to trading stocks is to, more often than not, seek out investing opportunities - that is, catching stock commodities with a potential to rise.
The S&P 500 had a good week due to the impressive start of Q1 earnings and favorable inflation data. In March, the consumer price index rose 5%, lower than the previous month's 6%, and met economists' expectations.
Welcome to October, the tenth month of 2023. For this installment of What to Trade, I have handpicked a few of my favorite trade ideas for the month. Let’s go over a few of them.
The past several weeks have been a real triumph for the bulls in the oil market. The Brent spot price grew by 8.5% during the last month.
Gold prices are rising for three consecutive days ahead of the Federal Reserve (Fed) interest rate decision, which is expected to remain unchanged due to declining inflation and a positive economic outlook. Investors are keen on the Fed's interest rate guidance, fearing a hawkish stance that could trigger market risk aversion.
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Don’t waste your time – keep track of how NFP affects the US dollar and profit!
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