USD/MXN Price Analysis: Bullish momentum eases after finding resistance below 23.00
- USD/MXN continues to move sideways around 22.50, without clear direction.
- Mexican President AMLO is at the White House with US President Trump.
On Tuesday, USD/MX rallied to 22.90 that capped the upside. The mentioned level continues to be a critical level that if broken should lead to more gains, targeting 23.10.
Technical indicators are mixed with RSI turning south but price still above key moving averages in the 4-hour chart. Overall, USD/MXN continues to move sideways unable to move away from 22.50. The 55-day moving average at 23.00 is another critical area.
On the flip side 22.60 is the strong immediante support and a slide below would suggest more strength for the Mexican peso. If the decline continues 22.10/20 should offer support, favoring a rebound back to 22.50.
USD/MXN 4-hour chart
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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.
