USD/MXN Price Analysis: Mexican Peso Buyers Lurk Around 19.10

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  • USD/MXN struggles for clear direction after recording another failure to cross the 100 DMA, 5.5-month resistance line.
  • Bullish signals from the MACD and sustained trading beyond the two-month horizontal support keep buyers hopeful.
  • The July 2022 descending resistance line and the 200 DMA act as additional bullish filters to boost buyers of the Mexican peso pair.

USD/MXN hovers around 19.00/05 in the European session on Thursday after retesting yesterday’s two-day highs at 19.09, and after failing to cross the confluence of resistance at 19.10.

It is worth noting that the state of risk aversion lifted USD/MXN the day before, but it failed to cross the convergence of the 100 DMA and a bearish resistance line from late September 2022 around 19.10.

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The corrective pullback, however, remains elusive amid the bullish signals from the MACD. USD/MXN bears are also likely to be challenged by a two-month-old horizontal support zone around 18.50-55.

If the price falls below 18.50the round figure of 18.00 could test bears before leading them to a multi-month low marked in early March around 17.90.

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Alternatively, a clear breakout of the barrier 19.10 is not an open invitation to USD/MXN bulls, as a bearish resistance line since mid-July 2022, around 19.48precedes the DMA level of 200 in 19.63 to challenge the bullish momentum.

Even if USD/MXN buyers manage to hold the reins beyond 19.63, the late 2022 high around 19.90 and the psychological magnet at 20.00 could test the pair’s further advances.

Overall, the USD/MXN is likely to pare some of the latest gains, but the bears are far from in control.

USD/MXN: Daily chart

Trend: Further rises are expected

USD/MXN Technical Levels


Last Price Today 19.0303
Today’s Daily Change 0.0671
Today’s Daily Change % 0.35
Today’s Daily Open 18.9632
20 Daily SMA 18.3584
SMA of 50 Daily 18.6508
SMA of 100 Daily 19.0904
SMA of 200 Daily 19.6348
Previous Daily High 19.0902
Minimum Previous Daily 18,584
Previous Weekly High 18.5957
Previous Weekly Minimum 17.8977
Maximum Prior Monthly 19.2901
Minimum Prior Monthly 18.2954
Daily Fibonacci 38.2% 18.8968
Daily Fibonacci 61.8% 18.7774
Daily Pivot Point S1 18.6681
Daily Pivot Point S2 18,373
Daily Pivot Point S3 18,162
Daily Pivot Point R1 19.1742
Daily Pivot Point R2 19.3852
Daily Pivot Point R3 19.6803

Source: Fx Street

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