- The Mexican peso rose against the US dollar on Thursday, driven by a recovery on Wall Street.
- USD / MXN bias remains bullish; consolidation persists in the short term.
The USD/MXN it is trading around 20.80 as it continues to move sideways in the short term, with a bullish bias. The pair again failed to break above 21.00 and fell back. The 21.00 level is a critical resistance, and a consolidation above 21.10 would target the 21.50 level.
The USD / MXN outlook still favors to the upside. You need to get over 21.00 to open the doors to more profit. Strong immediate support is at 20.50; a fall below would lead to an extension of the correction.
Critical support for the bullish bias is seen at 12/20/18, the convergence of an uptrend line, horizontal support, and the 55-day simple moving average. The mentioned average has just crossed the 100-day moving average, a bullish signal.
Technical Levels
.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
