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GBPNZD & USDMXN Outlook
Published: 09/24/2018

The GBPNZD pair moved lower dramatically last week, after reaching resistance at 2.0032 early in the week. The price fell to a low of around 1.9560 and closed close to that area under 1.9600. Resistance is now found at 1.9620 with a break higher having the potential to reach higher towards 1.9757. This is possibly part of a larger area around 1.9800. Above this area the 2.0000 level could interest traders should the price retrace its move lower.

Support might be found at the cluster of moving averages, with the 50 DMA close to 1.9482, the 100 DMA close to 1.9378 and the 200 DMA close to 1.9345. The rising trend line support is close to the 1.9151 support area and the last in a series of higher lows. A loss of this area may put additional pressure on buyers and attract attention from sellers. Further support can be seen at the June low around 1.8908. Below this area the January low may become a target for sellers at 1.8621.

 

 

USDMXN

Reports are suggesting that Canada may be further from a NAFTA deal than ever but there is little effect in USDMXN. The pair is testing its rising support trend line after falling below the line on Wednesday. The low set after the move lower found support in the 18.6904 area. A loss of this area could see a drop in price down to the higher low from August at 18.4110. This area developed as price fell under the 18.5000 level. The previous lows from April feature under the 18.0000 level at 17.9350.

Resistance has formed around 18.9300 and a break higher could lead to a retest of the 19.0000 area. The upper level of resistance around 19.0000 may be associated with the 200 DMA at 19.0400. The 100 DMA might be used as resistance around 19.3500. Above this area 20.0000 can attract interest followed by 20.2424. Higher levels of resistance may be found at 20.5000 followed by 20.9564.

 

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