USD/MXN Price Analysis: Bulls appear well-set to cross 100-DMA hurdle around 19.00

USD/MXN remains sidelined after refreshing five-week top the previous day.
Upbeat oscillators, clear upside break of previous key resistance line keep Mexican Peso pair buyers hopeful.
Sellers need validation from 18.65 to retake control.

Anil Panchal FXStreet

USD/MXN grinds near 18.90 as bulls take a breather after a three-day rebound from the multi-month low. Even so, the Mexican Peso (MXN) pair remains on the bull’s radar as it defends the previous day’s bullish signals.

That said, a daily closing beyond a downward-sloping resistance line from late December 2022, now immediate support around 18.85, favors USD/MXN bulls. Adding strength to the upside bias is the bullish MACD signals and the firmer RSI (14) line, not overbought.

It should be noted that the USD/MXN pair failed to cross the 100-DMA hurdle, near 19.10 at the latest, during the previous day’s run-up. However, the aforementioned bullish catalysts hint at the pair’s sustained break of the key resistance.

Even so, the 61.8% Fibonacci retracement level of the pair’s December 2022 to March 2023 downside, close to 19.15, can act as an extra filter to the north. Following that, the previous monthly top surrounding 19.30 appears the last defense of the USD/MXN bears.

Meanwhile, the pair’s pullback moves appear unimpressive till staying beyond the aforementioned resistance-turned-support line near 18.85.

However, major attention should be given to a convergence of the 50-DMA and 38.2% Fibonacci retracement, near 18.65, to convince the USD/MXN bears to refresh the multi-month low marked the last week around 17.90.

USD/MXN: Daily chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	18.9015
Today Daily Change	-0.0105
Today Daily Change %	-0.06%
Today daily open	18.912

Trends
Daily SMA20	18.3351
Daily SMA50	18.6751
Daily SMA100	19.113
Daily SMA200	19.6429

Levels
Previous Daily High	19.1812
Previous Daily Low	18.2397
Previous Weekly High	18.5957
Previous Weekly Low	17.8977
Previous Monthly High	19.2901
Previous Monthly Low	18.2954
Daily Fibonacci 38.2%	18.8216
Daily Fibonacci 61.8%	18.5994
Daily Pivot Point S1	18.3741
Daily Pivot Point S2	17.8361
Daily Pivot Point S3	17.4325
Daily Pivot Point R1	19.3156
Daily Pivot Point R2	19.7192
Daily Pivot Point R3	20.2571

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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