- USD/MXN trend still points to the upside, but it is losing momentum
- Correction limited by 23.00, a slide below would clear the way to more losses.
The USD/MXN reached a fresh monthly high on Tuesday at 23.22 and then pulled back to 22.95. The short-term bias point to the upside, but the momentum is fading, favoring a correction.
The pair again failed at the 23.20 area and also the 55-days simple moving average. A firm break above would target 23.50/55; the next resistance stands at 23.70.
A consolidation of USD/MXN below 23.00 would sign more losses ahead for a potential test the uptrend line, currently at 22.70 that should initially cap the downside. A break lower would negate the bullish outlook. As long as the pair remains above 23.00, another test of 23.20 seems likely.
USD/MXN 4-hour chart
|Today last price||22.9571|
|Today Daily Change||-0.1151|
|Today Daily Change %||-0.50|
|Today daily open||23.0722|
|Previous Daily High||23.1984|
|Previous Daily Low||22.9314|
|Previous Weekly High||23.0771|
|Previous Weekly Low||22.2853|
|Previous Monthly High||24.8895|
|Previous Monthly Low||22.0047|
|Daily Fibonacci 38.2%||23.0964|
|Daily Fibonacci 61.8%||23.0334|
|Daily Pivot Point S1||22.9363|
|Daily Pivot Point S2||22.8003|
|Daily Pivot Point S3||22.6693|
|Daily Pivot Point R1||23.2033|
|Daily Pivot Point R2||23.3343|
|Daily Pivot Point R3||23.4703|
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