USD/MXN Price Analysis: First test above 21.50, bullish pressure persists


  • Mexican peso among worst performers on Monday trims losses after stocks hit new highs in Wall Street.
  • The bullish trend in USD/MXN remains firm; above 21.50 the odds for 22.00 will rise.

The USD/MXN is rising for the fourth consecutive day in a row and reach 21.64, the highest level since November. It then pulled back, and it is hovering around 21.40. The retreat under 21.50 alleviated the bullish pressure, although the trend remains firm.

The Mexican peso is among the worst performers on Monday. It recovered ground as Wall Street rises. Still, emerging market assets do not reflect the optimism seen in US stocks. These contrarian signs point to caution among investors.

Technically the trend in USD/MXN is firm, and a consolidation above 21.50 would point to the next resistance at 21.75 that protects the 21.90/22.00 barrier. On the downtrend, the immediate support is seen around 21.15.

Momentum and the RSI are at extreme overbought levels in the daily chart, so some consolidation seems likely ahead. The signs of a correction are not there yet.

USD/MXN technical level

 

usdmxn

USD/MXN

Overview
Today last price 21.4264
Today Daily Change 0.1348
Today Daily Change % 0.63
Today daily open 21.2916
 
Trends
Daily SMA20 20.4717
Daily SMA50 20.175
Daily SMA100 20.2767
Daily SMA200 21.1661
 
Levels
Previous Daily High 21.4205
Previous Daily Low 21.0867
Previous Weekly High 21.4205
Previous Weekly Low 20.5519
Previous Monthly High 21.0483
Previous Monthly Low 19.8822
Daily Fibonacci 38.2% 21.293
Daily Fibonacci 61.8% 21.2142
Daily Pivot Point S1 21.1121
Daily Pivot Point S2 20.9325
Daily Pivot Point S3 20.7783
Daily Pivot Point R1 21.4458
Daily Pivot Point R2 21.6
Daily Pivot Point R3 21.7796

 

 

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