USD/MXN holds onto the week-start recovery from a multi-day low as it renews intraday top around 18.10 during early Tuesday. In doing so, the Mexican Peso (MXN) pair extends the previous day’s rebound from a one-week-old resistance-turned-support, as well as an upside break of the 100-Hour Moving Average (HMA).
Given the bullish MACD signals and firmer RSI (14), not overbought, the USD/MXN is likely to extend the latest run-up while justifying Monday’s bullish breakout of the 100-HMA and U-turn from the previous key resistance line.
However, a horizontal line comprising multiple hurdles marked since the last Thursday, near 18.15, appears a tough nut to crack for the USD/MXN buyers.
In a case where the Mexican Peso sellers dominate past 18.15, the 200-HMA resistance surrounding 18.28 can act as the last defense of the USD/MXN bears.
Meanwhile, pullback moves need validation from the 100-HMA support of 18.08 to convince intraday USD/MXN sellers.
Following that, the aforementioned resistance-turned-support of around the 18.00 round figure will be in the spotlight.
Should the USD/MXN manage to keep the reins past 18.00, the latest multi-month low surrounding 17.96 may check the bears before directing them towards the April 2018 bottom of near 17.93.
إخلاء المسؤولية: الآراء الواردة هنا تعبر فقط عن رأي الكاتب، ولا تمثل الموقف الرسمي لـ Followme. لا تتحمل Followme مسؤولية دقة أو اكتمال أو موثوقية المعلومات المُقدمة، ولا تتحمل مسؤولية أي إجراءات تُتخذ بناءً على المحتوى، ما لم يُنص على ذلك صراحةً كتابيًا.
اترك رسالتك الآن