Chart of the day: USD/MXN

Blake Morrow Forex Analytix

USDMXN finds support at the 50% retracement

The USDMXN is finding some support at the 50% retracement of the April 2024 lows to June 2024 highs at 17.6200. This is also where the 50dma resides as well. In order to complete an AB=CD move we thought the risk may be back towards 17.4800, however a move back above previous support at 17.8700 which is the June 24th lows would suggest we are ready to make a move back towards the 19.00 level.

Author

Blake Morrow

Forex Analytix

Blake Morrow spent most of his professional career as the Chief Currency Strategist for Wizetrade group for 15 years, and then the Senior Currency Strategist for Ally Financial after the acquisition of Tradeking which owned the Wizetrade Group.

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