Patterns: USD/MXN USD/ILS
|USD/MXN 1H Chart: Two scenarios likely
The US Dollar has been appreciating against the Mexican Peso since the middle of November. This movement has been bounded within the rising wedge pattern.
From a theoretical perspective, it is likely that a breakout south could occur within the following reading sessions. In this case the USD/MZN exchange rate could target the Fibonacci 38.205 retracement at 19.21.
However, note that the currency pair is supported by the 55-, 100– and 200-hour moving averages. Therefore, the pair could continue to trade upwards in the nearest future. Important level to look out for is the Fibonacci 50.00% retracement at 19.75.
USD/ILS 1H Chart: Falling wedge pattern in sight
The USD/ILS currency pair continued to trade downwards within the falling wedge pattern. As apparent on the chart, the pair has already reversed south from the upper pattern line.
From a theoretical point of view, it is likely that the exchange rate could trade downwards within the given pattern in the nearest future. Also, a breakout north could occur in the medium term. In this case the rate could reach the Fibonacci 50.00% retracement at 3.5565.
However, note that the currency pair is supported by the 100– and 200-hour moving averages. Therefore, a breakout north could occur in the nearest future.
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