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Mexican Peso gets shot-down after Middle East tensions erupt

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Technical Analysis,Fundamental Analysis

The Mexican Peso (MXN) is trading in the 17.30s on Friday after an extremely volatile 24 hours in which the currency depreciated by over five percentage points in some pairs as a result of a mass exodus to safety.

The Mexican Peso rips lower in a volatile sell-off after markets switch risk averse on geopolitical tensions. Israel purportedly retaliates against Iran, with explosions heard in the Iranian city of Isfahan. USD/MXN surges to just below 18.00 on the news but then retreats and settles in the 17.30s. The Mexican Peso is trading in the 17.

USD/MXN 4-hour Chart USD/MXN pierced but ultimately failed to hold above a major trendline for the long-term downtrend, suggesting caution should be exercised before becoming uber-bullish over the long term. That said, peaks and troughs keep rising on the 4-hour chart and, as the old adage goes, “The trend is your friend until the bend at the end,” so more upside is the default expectation in the near term.

 

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