USD/MXN Price Analysis: Mexican Peso sellers take a breather below 18.00 resistance

USD/MXN snaps five-day uptrend by printing mild losses at two-week high.
Upbeat oscillators, sustained break of 21-DMA favor Mexican Peso sellers.
Seven-week-old descending trend line guards immediate upside ahead of the key DMAs.

Anil Panchal FXStreet

USD/MXN bulls ease control after a five-day uptrend as the Mexican Peso (MXN) pair retreats from a 13-day-high to 17.89 amid early Tuesday.

Even so, the USD/MXN buyers remain hopeful amid a successful break of the 21-DMA, around 17.80 by the press time. Adding strength to the upside bias for the pair are the bullish MACD signals and the firmer RSI (14) line.

As a result, the USD/MXN bulls keep the reins despite the latest retreat. However, the buyers need conviction from a downward-sloping resistance line from early April, close to 18.00, to convince the pair buyers.

Following that, the 50-DMA and 100-DMA, respectively near 18.10 and 18.35, could test the USD/MXN bulls before giving them control. Above all, a downward-sloping resistance line from December 2022, close to 18.75 at the latest, becomes the key hurdle for the pair to cross to aim for the highs marked in March and February, close to 19.25 and 19.30.

On the flip side, a daily closing below the 21-DMA support of 17.80 could recall the Mexican Peso buyers who target 17.50 support.

Should the USD/MXN remains bearish past 17.50, the yearly low marked during mid-May around 17.40 can act as the last defense of the Mexican Peso sellers.

USD/MXN: Daily chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	17.888
Today Daily Change	-0.0184
Today Daily Change %	-0.10%
Today daily open	17.9064

Trends
Daily SMA20	17.8006
Daily SMA50	18.0894
Daily SMA100	18.3822
Daily SMA200	19.0896

Levels
Previous Daily High	17.9608
Previous Daily Low	17.7462
Previous Weekly High	17.7978
Previous Weekly Low	17.4203
Previous Monthly High	18.4018
Previous Monthly Low	17.9329
Daily Fibonacci 38.2%	17.8789
Daily Fibonacci 61.8%	17.8282
Daily Pivot Point S1	17.7814
Daily Pivot Point S2	17.6565
Daily Pivot Point S3	17.5668
Daily Pivot Point R1	17.9961
Daily Pivot Point R2	18.0858
Daily Pivot Point R3	18.2107

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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