#USDMXN @ 18.8297 picks up bids to reverse the previous day’s pullback from six-week high., @nehcap view: Further upside expected (Pivot Orderbook analysis)

…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for PREMIUM VERSION HERE to read full post below containing analysis. In case of any error or you think you are not able to read the full post below, please email us at support#nehcap.com [lwa][/s2If] [s2If current_user_can(access_s2member_level4)]

• USD/MXN picks up bids to reverse the previous day’s pullback from six-week high.
• Convergence of 100-HMA, 50-HMA challenges Mexican Peso pair buyers.
• Mexican markets are off due to Benito Juarez’s Birthday.
• Looming bull cross on MACD, steady RSI keeps buyers hopeful.

The pair currently trades last at 18.8297.

The previous day high was 19.2324 while the previous day low was 18.7879. The daily 38.2% Fib levels comes at 18.9577, expected to provide resistance. Similarly, the daily 61.8% fib level is at 19.0626, expected to provide resistance.

USD/MXN consolidates the previous day’s losses from a 1.5-month high during a sluggish Tuesday morning as Mexican Peso traders celebrate Benito Juarez’s Birthday. That said, the pair remains mildly bid near 18.84 by the press time.

In doing so, the Mexican Peso pair pokes a convergence of the 50-Hour Moving Average (HMA) and the 100-HMA.

It should be noted, however, that the impending bull cross on the MACD and steady RSI (14) keeps USD/MXN buyers hopeful of crossing the 18.85 key resistance confluence.

Following that, the 19.00 threshold may act as an intermediate halt during a likely run-up towards the latest peak of 19.23 and to the previous monthly high surrounding 19.30.

In a case where USD/MXN remains firmer past 19.30, bulls may find it difficult to cross the 19.60 and 19.90 levels marked in December 2022 before approaching the 20.00 psychological magnet.

On the contrary, pullback moves remain elusive until the USD/MXN pair stays beyond a one-week-old support line, close to 18.70 by the press time.

Even if the Mexican Peso pair breaks the aforementioned support line, the 200-HMA level of near 18.65 can prod the bears before giving them control.

Trend: Further upside expected

Technical Levels: Supports and Resistances

USDMXN currently trading at 18.8396 at the time of writing. Pair opened at 18.8231 and is trading with a change of 0.09% % .

The pair is trading above its 20 Daily moving average @ 18.4166, above its 50 Daily moving average @ 18.6273 , below its 100 Daily moving average @ 19.0605 and below its 200 Daily moving average @ 19.6164

The previous day high was 19.2324 while the previous day low was 18.7879. The daily 38.2% Fib levels comes at 18.9577, expected to provide resistance. Similarly, the daily 61.8% fib level is at 19.0626, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 18.6632, 18.5033, 18.2187
• Pivot resistance is noted at 19.1077, 19.3923, 19.5522

[/s2If]
Join Our Telegram Group