USD/MXN Price Analysis: Bearish momentum intact after rejection from above 19.30

Broad based decline of the US Dollar triggers volatility across financial markets.
USD/MXN gives up Wednesday’s rally showing Mexican Peso still in command.
Another test of 19.00/05 should not be ruled out.

Matías Salord FXStreet

The USD/MXN is falling sharply on Thursday, after a wild Wednesday. Yesterday, the pair jumped, rising not only above 19.30 but also to 19.46. It respected a downtrend line and resume the downside, amid a broad slide of the US Dollar.

On Wednesday, USD/MXN peaked at 19.46, trading momentarily above the 20-day Simple Moving Average. The upside was capped by a downtrend line and closed the day below 19.30: a sign that the Greenback is not ready yet for a sustainable rebound.

All the positive developments for the Dollar, have been reversed during the last 24 hours. The bearish trend and momentum have been reaffirmed. While under 19.30, the Mexican Peso could likely test again the 19.00/05 psychological area. A break lower would target 18.85.

USDMXN daily chart

USD/MXN

Overview
Today last price	19.1642
Today Daily Change	-0.1260
Today Daily Change %	-0.65
Today daily open	19.2902

Trends
Daily SMA20	19.4175
Daily SMA50	19.775
Daily SMA100	19.9774
Daily SMA200	20.0934

Levels
Previous Daily High	19.4594
Previous Daily Low	19.1943
Previous Weekly High	19.5924
Previous Weekly Low	19.3054
Previous Monthly High	19.8281
Previous Monthly Low	19.0402
Daily Fibonacci 38.2%	19.3581
Daily Fibonacci 61.8%	19.2956
Daily Pivot Point S1	19.1699
Daily Pivot Point S2	19.0496
Daily Pivot Point S3	18.9049
Daily Pivot Point R1	19.4349
Daily Pivot Point R2	19.5796
Daily Pivot Point R3	19.6999

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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