USD/MXN Technical Analysis: Consolidation continues under 19.50

Mexican peso continues to consolidate, after significant rally.
USD/MXN on consolidation mode ahead of Banxico meeting.

Matías Salord FXStreet

The USD/MXN continues to consolidate after the decline from multi-month highs above 20.00 found support at 19.30. Over the last week, price has been hovering between 19.31 and 19.50.
The 20-day moving average remains biased to the downside but it is flattening. While bearish signals are easing, the upside has show not enough strength to break above 19.50.
A consolidating on top of 19.50 would likely lead to a test of 19.60. Above more gains are seen with a target at 19.80.
On the flip side, under 19.30, the bearish trend is likely to resume. Support lies at 19.18 and 19.10, ahead of the dynamic trendline that stands slightly above 19.00 and should limit the downside, favoring a rebound; but if broken, USD/MXN could slide to 18.70.

USD/MXN daily chart

USD/MXN

Overview
Today last price	19.4666
Today Daily Change	-0.0155
Today Daily Change %	-0.08
Today daily open	19.4821

Trends
Daily SMA20	19.6709
Daily SMA50	19.5058
Daily SMA100	19.3372
Daily SMA200	19.2715

Levels
Previous Daily High	19.5059
Previous Daily Low	19.3782
Previous Weekly High	19.5477
Previous Weekly Low	19.3208
Previous Monthly High	20.2581
Previous Monthly Low	19.1148
Daily Fibonacci 38.2%	19.4571
Daily Fibonacci 61.8%	19.427
Daily Pivot Point S1	19.4049
Daily Pivot Point S2	19.3277
Daily Pivot Point S3	19.2772
Daily Pivot Point R1	19.5326
Daily Pivot Point R2	19.5831
Daily Pivot Point R3	19.6603

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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