The Mexican Peso (MXN) recovers in its most traded pairs on Friday after an over-week-long sell-off.
The Mexican Peso is strengthening as the effects of the unwinding carry trade diminish. Gains may be capped by continued bets that Banxico will cut interest rates in August. The Peso gains a backlift as Trump loses his lead in opinion polls. The Mexican Peso recovers in its most traded pairs on Friday after an over-week-long sell-off.
It has formed a bearish Shooting Star Japanese candlestick pattern. If Friday ends as a bearish red candlestick it will add confirmatory evidence to the Shooting Star and suggest more downside in the very near-term. USD/MXN Daily Chart Despite the bearish candlestick pattern, the trend appears to be bullish in the short term for USD/MXN, and given the “trend is your friend,” this still technically still favors bullish bets overall.
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