#USDMXN @ 18.9400 struggles for clear directions after posting one more failure to cross 100-DMA, 5.5-month-old resistance line., @nehcap view: Further upside expected (Pivot Orderbook analysis)

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• USD/MXN struggles for clear directions after posting one more failure to cross 100-DMA, 5.5-month-old resistance line.
• Bullish MACD signals, sustained trading beyond two-month-long horizontal support keep buyers hopeful.
• Descending resistance line from July 2022, 200-DMA act as additional upside filters to prod the Mexican Peso pair buyers.

The pair currently trades last at 18.9400.

The previous day high was 19.0902 while the previous day low was 18.584. The daily 38.2% Fib levels comes at 18.8968, expected to provide support. Similarly, the daily 61.8% fib level is at 18.7774, expected to provide support.

USD/MXN seesaws around 18.95, mildly offered during early Thursday, after posting another failure to cross the 19.10 resistance confluence the previous day.

It’s worth noting that the risk-off mood propelled Mexican Peso (MXN) pair the previous day but failed to cross the convergence of the 100-DMA and a downward-sloping resistance line from late September 2022, around 19.10 at the latest.

The corrective pullback, however, remains elusive amid the bullish MACD signals. Also likely to challenge the USD/MXN bears is a two-month-old horizontal support area around 18.50-55.

In a case where the quote drops below 18.50, the 18.00 round figure could test the bears before directing them to the multi-month low marked earlier in March around 17.90.

Alternatively, a clear upside break of the 19.10 hurdle isn’t an open invitation to the USD/MXN bulls as a downward-sloping resistance line from mid-July 2022, around 19.48, precedes the 200-DMA level of 19.63 to challenge the upside momentum.

Even if the USD/MXN buyers manage to keep the reins beyond 19.63, the late 2022 peak surrounding 19.90 and the 20.00 psychological magnet could test the pair’s further advances.

Overall, USD/MXN is likely to pare some of the latest gains but the bears are far from taking control.

Trend: Further upside expected

Technical Levels: Supports and Resistances

USDMXN currently trading at 18.9443 at the time of writing. Pair opened at 18.9632 and is trading with a change of -0.10% % .

The pair is trading above its 20 Daily moving average @ 18.3584, above its 50 Daily moving average @ 18.6508 , below its 100 Daily moving average @ 19.0904 and below its 200 Daily moving average @ 19.6348

The previous day high was 19.0902 while the previous day low was 18.584. The daily 38.2% Fib levels comes at 18.8968, expected to provide support. Similarly, the daily 61.8% fib level is at 18.7774, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 18.6681, 18.373, 18.162
• Pivot resistance is noted at 19.1742, 19.3852, 19.6803

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