somrat4030
Well-known member
Forex Forum, Currency Trading Daily Analysis
The USD/MXN is falling again on Monday but it remains above the 21.00 zone, but is under the 21.30 relevant technical support. It is hovering around 21.20, so another test at 21.15 should not be ruled out for the coming sessions.
A slide under 21.15 would expose two strong support levels: 21.05 and 20.90 that are likely to hold, favoring a rebound to 21.30. A close under 20.90 would be a positive technical development for the Mexican peso that could drop further to test the uptrend line at 20.50.
On the upside, a firm recovery above 21.45 would alleviate the negative pressure. No signs of a resumption of the primary uptrend are seen at the moment. The USD/MXN continues to from a consolidation range likely between 21.15 and 21.65. A break above 21.70, would expose the 22.00 zone.
Source: https://www.fxstreet.com/news/usd-m...so-remains-strong-but-above-2100-202112061555
AUD/USD FORECAST: AUSTRALIAN DOLLAR SUSCEPTIBLE TO WAIT-AND-SEE RBA
AUD/USD appears to be defending the October 2020 low (0.6991) following the kneejerk reaction to the US Non-Farm Payrolls (NFP) report, and looming developments in the Relative Strength Index (RSI) may indicate a near-term rebound in the exchange rate as the oscillator is on the cusp of climbing above 30 to offer a textbook buy signal.
The IG Client Sentiment report shows 76.95% of traders are currently net-long AUD/USD, with the ratio of traders long to short standing at 3.34 to 1.
The number of traders net-long is 6.77% higher than yesterday and 6.77% higher from last week, while the number of traders net-short is 27.74% higher than yesterday and 5.19% lower from last week. The rise in net-long interest has fueled the crowding behavior as 72.22% of traders were net-long AUD/USD last week, while the decline in net-short position comes as the exchange rate bounces back from a fresh yearly low (0.6993).
With that said, the RBA rate decision may curb the recent rebound in AUD/USD as the central bank remains in no rush to normalize monetary policy, and the exchange rate may face a further decline over the coming days if the Relative Strength Index (RSI) continues to below 30 to sit in oversold territory.
Source: https://www.dailyfx.com/forex/funda...n-Dollar-Susceptible-to-Wait-and-See-RBA.html
You can learn more about currency trading strategies and forex trading at forum.forex
#forexforum #forextradingforum #forexsignalforum #currencytradingtips #forextradingtips #fxforum #Topforexforum #bestforexforum #fxtrading #forumforex #currencytradingforum #currencytradersforum #forextrading #currencytrading #forumdotforex #forexnews #howtomakemoneytradingforex #trading #currency
