USDMXN
The third quarter helps Mexican economy to come out of its wounds. Currently, it shows a better-than-expected improvement led by recent Auto Sector numbers. The exports turn to double digit. The Mexican cars showed good export figures, but not in domestic sales. Rising exports pointed a strong recovery after a sharp slowdown.
GDP grew 0.84% compared to the previous quarter, compared to a year ago it grew 1.3%. The economic recovery is expected to gather pace in 2014 as the government ramps up spending in construction.
The currency pair is moving towards south. In the month of December it fell from 13.219 to 12.754. It broke the October lows as well. It finished October and November rally completely.
Support - 12.75, 12.7, 12.6, 12.53 (sl for all longs)
Resistance - 12.87, 12.95
Recommendation - risky traders, go long with sl 12.75, cmp 12.797
