#USDMXN @ 18.1036 prints mild losses to consolidate the biggest daily jump in three weeks., @nehcap view: Limited downside expected (Pivot Orderbook analysis)

…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for FREE REGISTER 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_level1)]

• USD/MXN prints mild losses to consolidate the biggest daily jump in three weeks.
• Failure to cross 100-SMA appears less lucrative for Mexican Peso buyers unless slipping below previous resistance line from early April.
• 200-SMA, seven-week-long ascending trend line are the key levels to follow clear directions.

The pair currently trades last at 18.1036.

The previous day high was 18.144 while the previous day low was 17.9511. The daily 38.2% Fib levels comes at 18.0703, expected to provide support. Similarly, the daily 61.8% fib level is at 18.0248, expected to provide support.

USD/MXN drops to 18.05 as it pares the longest daily run-up in three weeks amid Wednesday’s sluggish morning. In doing so, the Mexican Peso (MXN) pair retreats from a one-week high after snapping a four-day downtrend the previous day.

That said, the 100-SMA hurdle of around 18.10 by the press time guards the immediate recovery of the USD/MXN pair.

However, the pair buyers remain hopeful amid the upbeat RSI (14) line unless the quote defies Tuesday’s break of a three-week-old resistance line, now immediate support near 18.00.

Even if the USD/MXN sellers manage to conquer the 18.00 resistance-turned-support, an upward-sloping support line from early March, close to 17.94 at the latest, becomes crucial for them to break.

Meanwhile, an upside break of the 100-SMA hurdle of 18.10 isn’t an open invitation to the USD/MXN bulls as the 200-SMA level of 18.30 and the monthly high surrounding 18.40 can challenge the USD/MXN bulls afterward.

In a case where the Mexican Peso bears keep the reins past 18.40, the late March swing high of around 18.80 and the 19.00 round figure could lure the traders.

Trend: Limited downside expected

Technical Levels: Supports and Resistances

USDMXN currently trading at 18.0557 at the time of writing. Pair opened at 18.0734 and is trading with a change of -0.10% % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 18.0857, 50 SMA 18.2943, 100 SMA @ 18.7279 and 200 SMA @ 19.3311.

The previous day high was 18.144 while the previous day low was 17.9511. The daily 38.2% Fib levels comes at 18.0703, expected to provide support. Similarly, the daily 61.8% fib level is at 18.0248, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 17.9684, 17.8634, 17.7756
• Pivot resistance is noted at 18.1612, 18.249, 18.354

[/s2If]
Nehcap Expert Advisor
The NEHCAP MT4 EA is high quality professional trading system geared to generate returns without using GRID or martingales. Each trade has strict risk per trade parameter. The pairs under management include EURUSD, GBPUSD, AUDCAD, AUDNZD,GBPAUD, EURAUD, EURCAD, CHFJPY and many more.
The system is trading live: LIVE ACCOUNT TRACKING
You can run it free. Apply for a free trial and track our account. Buy the system or use profit share mechanism to generate returns on your MT4.
Join Our Telegram Group