The USD/MXN stages a recovery after trading below the $18.00 barrier during the last few days. Earlier in the day, I wrote, “Nevertheless, USD/MXN bulls are far ahead of declaring victory. They must reclaim the weekly high at 18.1788, followed by the 20-day Exponential Moving Average (EMA) at 18.2898.” Later in the session, USD/MXN bulls reclaimed those levels as the exchange rate rests comfortably above the 20-day EMA. Additionally, Thursday’s close for the USD/MXN was 18.3483, which has opened the door for further upside.
That said, the USD/MXN first resistance would be the new weekly high of 18.4391. A breach of the latter will expose the $18.50 barrier, closely followed by the 50-day EMA at 18.6410 and the 100-day EMA at 19.0105.
On the flip side, the USD/MXN first support would e the 20-day EMA at 18.3169. Once cleared, and the USD/MXN pair will dive towards the March 7 high turned support at 18.1788, followed by the $18.00 psychological level.
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