#USDMXN @ 18.0887 picks up bids to refresh intraday high, consolidates the biggest daily loss in a month., @nehcap view: Limited recovery 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 picks up bids to refresh intraday high, consolidates the biggest daily loss in a month.
• Bearish MACD signals challenge Mexican Peso sellers, 200-EMA acts as additional upside hurdle for the pair.
• Multiple levels towards the south challenge USD/MXN bears inside three-week-old triangle.

The pair currently trades last at 18.0887.

The previous day high was 18.2 while the previous day low was 18.0182. The daily 38.2% Fib levels comes at 18.0877, expected to provide support. Similarly, the daily 61.8% fib level is at 18.1306, expected to provide resistance.

USD/MXN renews its intraday high near 18.09 as it pares the biggest daily loss in one month during early Friday. In doing so, the Mexican Peso (MXN) pair remains inside a three-week-old symmetrical triangle, reversing the pullback from the top of late.

It’s worth noting that the pair’s repeated failures to cross the 200-bar Exponential Moving Average (EMA) join bearish MACD signals to keep the USD/MXN bears hopeful despite the pair’s latest rebound.

That said, the 38.2% and 50% Fibonacci retracement levels of the USD/MXN’s April 05-16 fall, respectively near 18.11 and 18.16, act as nearby resistance for the buyers to watch before challenging the stated triangle’s top line, close to 18.18.

Following that, the 200-EMA level of 18.20 can act as the last defense of the bears before signaling a run-up toward the monthly high of near 18.40.

Alternatively, a 23.6% Fibonacci retracement puts the short-term price limit under the pair near 18.04, a break of which will highlight the aforementioned triangle’s lower line, currently around the 18.00 round figure.

In a case where the USD/MXN bears keep the reins, the monthly low near 17.93 and the previous monthly bottom surrounding 17.89 can prod the downside moves before signaling a fall towards the year 2017 trough of around 17.44.

Trend: Limited recovery expected

Technical Levels: Supports and Resistances

USDMXN currently trading at 18.0834 at the time of writing. Pair opened at 18.0389 and is trading with a change of 0.25% % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 18.086, 50 SMA 18.2758, 100 SMA @ 18.6967 and 200 SMA @ 19.3062.

The previous day high was 18.2 while the previous day low was 18.0182. The daily 38.2% Fib levels comes at 18.0877, expected to provide support. Similarly, the daily 61.8% fib level is at 18.1306, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 17.9714, 17.9039, 17.7895
• Pivot resistance is noted at 18.1532, 18.2676, 18.3351

[/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