USD/MXN Forecast Today 29/05: Dollar Fails At 17.50

(MENAFN- Daily Forex) The US dollar rallied against the Mexican peso early during the trading session on Thursday but has seen sellers come back into the market to push it back down I find interesting is that we broke above the 50-day EMA but found enough resistance above to turn things around and form a pretty ugly looking candlestick shooting star that it looks like we are trying to form is a very negative sign it\u0027s worth noting that not only were we above the 50-day EMA, but we were also just below the crucial 17.5 level. That\u0027s an area that has been resistance previously, and I think ultimately will remain so. Top Regulated Brokers 1 Get Started 74% of retail CFD accounts lose money Read Review BrokerGeoLists({ type: \u0027MobileTopBrokers\u0027, id: \u0027mobile-top-5\u0027, size: SidebarBrokerListAmount, getStartedText: \u0060Get Started\u0060, readReviewText: \u0060Read Review\u0060, Logo: \u0027broker_carrousel_i\u0027, Button: \u0027broker_carrousel_n\u0027, });Interest Rate Differential and Market OutlookIf we fall from here, the 17.15 level is an area that I think a lot of people would be watching. That is, I think, just a continuation of the overall sideways action that we had been in\u0027s very difficult to buy the US dollar against the Mexican peso, so I do prefer to sell this pair because of the massive interest rate differential\u0027s not that you can\u0027t get long of this market, it\u0027s just that you have to make sure that it moves quick enough to work against the interest rate payments that you will be making daily, I do think this pair breaks down a little bit from here. I think this is a shorter-term chart type of setup. I do like shorting it. I don\u0027t necessarily think that we\u0027re going to break down below the bottom, though, so keep in mind this is short-lived. EURUSD Chart by TradingView

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