USD/MXN Price Analysis: Pull back towards 18.55 support to confirm bearish double top pattern

- Article Top Advertisement -
  • USD/MXN reverses from the 100 hourly SMA barrier to pare intraday gains.
  • Bearish chart pattern needs confirmation at 18.55, bearish oscillators keep sellers hopeful.
  • The 200 hourly SMA acts as an additional filter to the downside.
  • The bulls need the validation of the February high.

USD/MXN bears remain hopeful as the pair turns 180 from the 100 Hours SMA to pare intraday gains around the 18.75 level at the start of Friday’s session.

Not only the failure to break above the 100-day SMA, but bearish signals from the MACD and a bearish RSI (14) not oversold, also favor USD/MXN sellers.

- Article Inline Advertisement 1-

Above all, the bearish “double top” chart pattern in the pair reversing twice from the 19.20 hurdle is keeping USD/MXN sellers hopeful.

However, a clear break below the lower end of the pattern, around 18.55, is necessary for the bears to regain control.

- Advertisement -

Further down, the 200 hourly SMA at 18.45 can act as support during the theoretical dip targeting the monthly low around 17.90, the lowest level since 2017.

On the other hand, recovery moves need to clear the hurdle of the 100 hourly SMA at 18.80 to convince intraday buyers.

Still, the previous support line from March 9, near 18.93, could challenge USD/MXN’s move towards the double top resistance around 19.20.

Should the USD/MXN break above that level, the February high at 19.29 and the psychological magnet at 20.00 appear as the key bullish levels to watch for buyers.

USD/MXN 1 hour chart


Trend: More falls are expected

USD/MXN additional technical levels

Last price today 18,739
daily change today 0.0250
today’s daily variation 0.13%
today’s daily opening 18,714
daily SMA20 18.3675
daily SMA50 18.6383
daily SMA100 19.0792
daily SMA200 19.63
previous daily high 19.1799
previous daily low 18.6976
Previous Weekly High 18.5957
previous weekly low 17.8977
Previous Monthly High 19.2901
Previous monthly minimum 18.2954
Fibonacci daily 38.2 18.8818
Fibonacci 61.8% daily 18.9956
Daily Pivot Point S1 18.5478
Daily Pivot Point S2 18.3816
Daily Pivot Point S3 18.0656
Daily Pivot Point R1 19.0301
Daily Pivot Point R2 19.3461
Daily Pivot Point R3 19.5123

Source: Fx Street

- Article Bottom Advertisement -


Please enter your comment!
Please enter your name here

Hot Topics

Related Articles