Home Markets USD/MXN Price Analysis: Breaks above 20.00 again, loses momentum

USD/MXN Price Analysis: Breaks above 20.00 again, loses momentum

0
USD/MXN Price Analysis: Breaks above 20.00 again, loses momentum
  • USD/MXN rises for the third consecutive day, again above 20.00.
  • Dollar needs to stay above 20.00, next resistance at 20.15/20.
  • If it drops below 19.90 the bullish bias is removed.

The USD/MXN rises for the third consecutive day, although so far it has failed to print new weekly highs. Upside remains capped below 20.10. The next critical resistance zone is seen around 20.15/20, a zone that contains horizontal resistances and also the 100 SMA.

A firm break above 20.25 would open the door for more gains with a target of 20.50.

In the very short term, the bias is bullish, with technical indicators between flat and bullish. The momentum is not strong enough and seems to be fading. The bias will weaken on a decline below 20.00. While a daily close above 20.00 would be a positive sign for the bulls.

A key support emerges at 19.90 which if not held, USD/MXN could drop further to retest the 19.80 zone.

USD/MXN daily chart

Technical levels

USD/MXN

Panorama
Last Price Today 20.0632
Today’s Daily Change 0.0864
Today’s Daily Change % 0.43
Today’s Daily Opening 19.9768
Trends
20 Daily SMA 20.2785
50 Daily SMA 20.3164
100 Daily SMA 20,154
200 Daily SMA 20.4165
levels
Previous Daily High 20.0921
Previous Daily Minimum 19.8189
Previous Maximum Weekly 20.4435
Previous Weekly Minimum 19.8104
Monthly Prior Maximum 21.0539
Previous Monthly Minimum 20.0921
Daily Fibonacci 38.2% 19.9878
Daily Fibonacci 61.8% 19.9233
Daily Pivot Point S1 19.8331
Daily Pivot Point S2 19.6894
Daily Pivot Point S3 19.5599
Daily Pivot Point R1 20.1063
Daily Pivot Point R2 20.2358
Daily Pivot Point R3 20.3795

Source: Fx Street

LEAVE A REPLY

Please enter your comment!
Please enter your name here