Home Markets USD/MXN Price Analysis: Testing the 100-day SMA

USD/MXN Price Analysis: Testing the 100-day SMA

USD/MXN Price Analysis: Testing the 100-day SMA
  • USD/MXN rises for the third consecutive day amid global growth concerns.
  • Rally faces strong resistance near 20.20, reinforced by the 100-day SMA.
  • Next upside target at 20.45.

Emerging market currencies are under pressure, affected by higher interest rates. The Mexican peso was among the top performers last week, after Banxico’s 75 bps rate hike.

The USD/MXN is rising for the third consecutive day and is facing a resistance at the 20.20 area that also contains the 100-day Simple Moving Average. A firm break above should open the doors to 20.45, the next relevant resistance.

Technical indicators offer no clear signs at the moment. RSI and Momentum are flat. Some consolidation between 20.20 and 20.00 seems likely before the next directional move.

A decline back to 20.00 should be seen as a normal correction after the rally from 19.80 to 20.20. If USD/MXN drops under 20.00, the Mexican peso should strengthen favoring an extension toward the weekly low at 19.81. The key support below is the 19.70 area that if reached, could likely trigger a rebound.

USD/MXN daily chart


Last Price Today 20.17
Today’s Daily Change 0.0330
Today’s Daily Change % 0.16
Today’s Daily Opening 20,137
20 Daily SMA 19.9822
50 Daily SMA 20.0499
100 Daily SMA 20.1982
200 Daily SMA 20.4259
Previous Daily High 20.1666
Previous Daily Minimum 19,865
Previous Maximum Weekly 20.3786
Previous Weekly Minimum 19,826
Monthly Prior Maximum 20.5113
Previous Monthly Minimum 19.4131
Daily Fibonacci 38.2% 20.0514
Daily Fibonacci 61.8% 19.9802
Daily Pivot Point S1 19.9458
Daily Pivot Point S2 19.7546
Daily Pivot Point S3 19.6441
Daily Pivot Point R1 20.2474
Daily Pivot Point R2 20.3579
Daily Pivot Point R3 20.5491

Source: Fx Street



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