#USDMXN @ 19.3847 Mexican peso among worst performers on Wednesday. (Pivot Orderbook analysis)
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- Mexican peso among worst performers on Wednesday.
- USD/MXN reverses sharply to the 20-day SMA.
- Volatility to remain elevated amid market events and current price levels.
The pair currently trades last at 19.3847.
The previous day high was 19.3235 while the previous day low was 19.0402. The daily 38.2% Fib levels comes at 19.1484, expected to provide support. Similarly, the daily 61.8% fib level is at 19.2153, expected to provide support.
The USD/MXN is rising sharply on Wednesday, having the biggest daily gain in months after posting on Tuesday the lowest daily close since February 2020. The US Dollar is strengthening ahead of Federal Reserve Chairman Jerome Powell speech while the Mexican Peso is the worst among the most traded currencies in the world.
On Tuesday, the USD/MXN bottomed at 19.03 and then started to rise. After a correction during the Asia session, the pair resumed the upside even at a fastest pace. It peaked at 19.45 and remains near the top with the bullish tone intact.
The sharp reversal sent the US Dollar to the 20-day Simple Moving Average that stands at 19.43. A consolidation above would likely open the doors for a test of the next resistance area at 19.60. Although at 19.52 an interment resistance is seen.
The technical outlook has deteriorated significantly for the Mexican Peso. Technical indicators such as Momentum and RSI, at the moment, point north favoring further gains. A slide back under 19.25/30 could change the outlook exposing again the 19.00/05 support area.
Technical Levels: Supports and Resistances
USDMXN currently trading at 19.3676 at the time of writing. Pair opened at 19.2343 and is trading with a change of 0.69 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 19.3676 |
| 1 | Today Daily Change | 0.1333 |
| 2 | Today Daily Change % | 0.6900 |
| 3 | Today daily open | 19.2343 |
The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 19.4366, 50 SMA 19.7895, 100 SMA @ 19.9919 and 200 SMA @ 20.0982.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 19.4366 |
| 1 | Daily SMA50 | 19.7895 |
| 2 | Daily SMA100 | 19.9919 |
| 3 | Daily SMA200 | 20.0982 |
The previous day high was 19.3235 while the previous day low was 19.0402. The daily 38.2% Fib levels comes at 19.1484, expected to provide support. Similarly, the daily 61.8% fib level is at 19.2153, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 19.0752, 18.916, 18.7918
- Pivot resistance is noted at 19.3585, 19.4827, 19.6418
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 19.3235 |
| Previous Daily Low | 19.0402 |
| Previous Weekly High | 19.5924 |
| Previous Weekly Low | 19.3054 |
| Previous Monthly High | 20.1770 |
| Previous Monthly Low | 19.7850 |
| Daily Fibonacci 38.2% | 19.1484 |
| Daily Fibonacci 61.8% | 19.2153 |
| Daily Pivot Point S1 | 19.0752 |
| Daily Pivot Point S2 | 18.9160 |
| Daily Pivot Point S3 | 18.7918 |
| Daily Pivot Point R1 | 19.3585 |
| Daily Pivot Point R2 | 19.4827 |
| Daily Pivot Point R3 | 19.6418 |
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