USD/MXN Technical Analysis: Consolidation continues under 19.50
|- Mexican peso continues to consolidate, after significant rally.
- USD/MXN on consolidation mode ahead of Banxico meeting.
The USD/MXN continues to consolidate after the decline from multi-month highs above 20.00 found support at 19.30. Over the last week, price has been hovering between 19.31 and 19.50.
The 20-day moving average remains biased to the downside but it is flattening. While bearish signals are easing, the upside has show not enough strength to break above 19.50.
A consolidating on top of 19.50 would likely lead to a test of 19.60. Above more gains are seen with a target at 19.80.
On the flip side, under 19.30, the bearish trend is likely to resume. Support lies at 19.18 and 19.10, ahead of the dynamic trendline that stands slightly above 19.00 and should limit the downside, favoring a rebound; but if broken, USD/MXN could slide to 18.70.
USD/MXN daily chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.