USD/MXN Price Analysis: Mexican Peso slides to 50-HMA, bulls remain hopeful above 17.35

USD/MXN prints the first daily gains in three, bounces off the lowest levels since 2016.
Immediate resistance break joins upbeat oscillators to favor short-term pair buyers.
Mexican Peso sellers need to conquer 200-HMA to topple bulls.

Anil Panchal FXStreet

USD/MXN grinds near intraday high of around 17.20 as it prod the 50-Hour Moving Average (HMA) during the first positive day in three on early Thursday. In doing so, the Mexican Peso (MXN) pair defends the late Wednesday’s rebound from the lowest levels since 2016.

That said, a clear break of the previous resistance line stretched from Tuesday joins bullish MACD signals and upbeat RSI (14) line, not overbought, to keep the USD/MXN bulls hopeful.

However, multiple hurdles toward the north keep challenging the pair’s upside momentum.

Among them, the 50-HMA level of around 17.21 guards immediate recovery ahead of a one-week-old downward-sloping resistance line, around 17.25 by the press time.

Following that, the 100-HMA and the 200-HMA, respectively near 17.26 and 17.35 in that order, will challenge the USD/MXN bulls before giving control to them.

On the flip side, a clear break of the resistance-turned-support line, near 17.16 by the press time, becomes necessary to convince USD/MXN sellers.

Following that, the bears may easily conquer the latest trough of 17.07 in search of poking the 17.00 psychological magnet.

It should be noted that the year 2016 bottom of around 17.05 acts as an extra filter toward the south.

USD/MXN: Hourly chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	17.2092
Today Daily Change	0.1024
Today Daily Change %	0.60%
Today daily open	17.1068

Trends
Daily SMA20	17.5604
Daily SMA50	17.7747
Daily SMA100	18.1337
Daily SMA200	18.8751

Levels
Previous Daily High	17.2471
Previous Daily Low	17.0789
Previous Weekly High	17.5981
Previous Weekly Low	17.2591
Previous Monthly High	18.078
Previous Monthly Low	17.4203
Daily Fibonacci 38.2%	17.1431
Daily Fibonacci 61.8%	17.1829
Daily Pivot Point S1	17.0414
Daily Pivot Point S2	16.976
Daily Pivot Point S3	16.8731
Daily Pivot Point R1	17.2097
Daily Pivot Point R2	17.3125
Daily Pivot Point R3	17.3779

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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