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USD/MXN Price Analysis: Bulls attack key resistance line near 19.00

  • USD/MXN moves higher to extend the previous day’s rebound from the 50-day SMA.
  • The 11-week-old downtrend line challenges buyers of the pair.
  • The 100-day SMA and the double top around 19.20 also challenge the move higher.
  • Technical oscillators support bulls despite multiple hurdles testing the move higher.

USD/MXN is trading near the 19.00 level as bulls touch the key resistance line early on Monday. As such, the USD/MXN is holding firm for the second day in a row as it extends the previous day’s rebound from the 50-day SMA.

In addition to the pair’s recovery from the SMA 50, bullish signals from the MACD and bullish, not overbought RSI (14) also favor USD/MXN buyers.

However, a clear break above the indicated resistance line, near 19.00, is necessary for USD/MXN bulls to maintain control.

Higher up, the 61.8% Fibonacci retracement of the pair’s December 2022 to March 2023 retracement near 19.15 will precede the double top around 19.20 to challenge buyers.

Also, the previous monthly high around 19.30 will act as an additional filter to the upside.

On the other hand, a pullback to the downside remains elusive as long as the USD/MXN price remains above the 50 SMA support near 18.60.

Even if the pair falls below that level, the late February high near 18.50 may act as support before steering bears towards the multi-month low hit in early March near 17.90.

Overall, USD/MXN is likely to rally, but the road higher looks long and bumpy.

USD/MXN daily chart


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USD/MXN additional technical levels

Last price today 18.9452
daily change today 0.0424
today’s daily variation 0.22%
today’s daily opening 18.9028
daily SMA20 18.3948
daily SMA50 18.6337
daily SMA100 19.0703
daily SMA200 19.6246
previous daily high 18,989
previous daily low 18,636
Previous Weekly High 19.1812
previous weekly low 18.2397
Previous Monthly High 19.2901
Previous monthly minimum 18.2954
Fibonacci daily 38.2 18.8541
Fibonacci 61.8% daily 18.7708
Daily Pivot Point S1 18.6962
Daily Pivot Point S2 18.4896
Daily Pivot Point S3 18.3432
Daily Pivot Point R1 19.0492
Daily Pivot Point R2 19.1956
Daily Pivot Point R3 19.4022

Source: Fx Street

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