#USDMXN @ 19.6913 Key events ahead: FOMC statement in a few hours, Banxico decision on Thursday. (Pivot Orderbook analysis)
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- Key events ahead: FOMC statement in a few hours, Banxico decision on Thursday.
- USD/MXN makes sharp moves, and holds bullish bias.
- Volatility is likely to remain elevated in the currency market.
The pair currently trades last at 19.6913.
The previous day high was 19.885 while the previous day low was 19.5266. The daily 38.2% Fib levels comes at 19.6636, expected to provide support. Similarly, the daily 61.8% fib level is at 19.7481, expected to provide resistance.
The USD/MXN is rising significantly on Wednesday before the Federal Reserve announces its decision on monetary policy. On Tuesday, the pair suffered the biggest daily decline in months. Volatility jumped after US Consumer Price Index data and is set to remain elevated ahead of the FOMC. The Bank of Mexico will announce its decision on Thursday.
Recently the USD/MXN peaked at 19.91, near the 100-day Simple Moving Average. It failed to hold above 19.85 and then also pulled back under 19.80. The correction extended on Wednesday’s Asian session to 19.50 and it was followed by a rebound.
As of writing, USD/MXN is moving to the upside, trading around 19.70. Still, no clear signs emerge from the chart. The pair could consolidate between 19.85 and the 19.50 support area, reinforced by the 20-day SMA.
Technical indicators continue to favor the upside with RSI moving north without much conviction; Momentum held above the midline. A consolidation below 19.50 would change the outlook to neutral/bearish. On the upside, above 19.80, USD/MXN could rise further to test the 100-day SMA, exposing 20.00. A return above would put the pair back in the 19.80/20.20 range.
Technical Levels: Supports and Resistances
USDMXN currently trading at 19.7219 at the time of writing. Pair opened at 19.5319 and is trading with a change of 0.97 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 19.7219 |
| 1 | Today Daily Change | 0.1900 |
| 2 | Today Daily Change % | 0.9700 |
| 3 | Today daily open | 19.5319 |
The pair is trading above its 20 Daily moving average @ 19.476, above its 50 Daily moving average @ 19.6774 , below its 100 Daily moving average @ 19.8925 and below its 200 Daily moving average @ 20.041
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 19.4760 |
| 1 | Daily SMA50 | 19.6774 |
| 2 | Daily SMA100 | 19.8925 |
| 3 | Daily SMA200 | 20.0410 |
The previous day high was 19.885 while the previous day low was 19.5266. The daily 38.2% Fib levels comes at 19.6636, expected to provide support. Similarly, the daily 61.8% fib level is at 19.7481, expected to provide resistance.
Note the levels of interest below:
- Pivot support is noted at 19.4107, 19.2895, 19.0523
- Pivot resistance is noted at 19.7691, 20.0063, 20.1275
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 19.8850 |
| Previous Daily Low | 19.5266 |
| Previous Weekly High | 19.8648 |
| Previous Weekly Low | 19.3482 |
| Previous Monthly High | 19.8281 |
| Previous Monthly Low | 19.0402 |
| Daily Fibonacci 38.2% | 19.6636 |
| Daily Fibonacci 61.8% | 19.7481 |
| Daily Pivot Point S1 | 19.4107 |
| Daily Pivot Point S2 | 19.2895 |
| Daily Pivot Point S3 | 19.0523 |
| Daily Pivot Point R1 | 19.7691 |
| Daily Pivot Point R2 | 20.0063 |
| Daily Pivot Point R3 | 20.1275 |
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