The USDMXN exchange rate at 16.9750 has reduced its largest daily increase in a month but has not displayed recent downward movement. According to Nehcap’s perspective, there is an anticipation of a recovery.
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- USD/MXN pares the biggest daily gain in a month but lacks downside momentum of late.
The pair currently trades last at 16.9750.
The previous day high was 17.115 while the previous day low was 16.7087. The daily 38.2% Fib levels comes at 16.9598, expected to provide support. Similarly, the daily 61.8% fib level is at 16.8639, expected to provide support.
USD/MXN takes offers to refreshe intraday bottom surrounding 16.98, after reversing from the weekly top, as markets brace for the key US employment report for August on Friday.
USD/MXN rallied the most in a month while refreshing the weekly top on Thursday after it crossed the top line of a five-week-old symmetrical triangle. The bullish breakout also gained support from the MACD signals to renew the multi-day top. However, the nearly overbought RSI and the pre-data positioning seem to weigh on the Mexican Peso (MXN) pair of late.
Even so, a convergence of the 100-SMA and 200-SMA, around 16.94–93, appears a tough nut to crack for the USD/MXN sellers.
Following that, the stated triangle’s top line surrounding 16.87 will be in the spotlight.
Should the USD/MXN bears keep the reins past 16.87, the odds of witnessing a fall toward the rising support line stretched from late July, near 16.70, can’t be ruled out.
On the contrary, the USD/MXN pair’s recovery needs to refresh the weekly top, currently around 17.11, to convince the buyers.
Even so, the mid-August swing high of 17.20 and the previous monthly peak surrounding 17.42 could test the Mexican Peso (MXN) sellers before giving them control.
Trend: Recovery expected
Technical Levels: Supports and Resistances
USDMXN currently trading at 16.9972 at the time of writing. Pair opened at 17.0435 and is trading with a change of -0.27% % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 16.9972 |
| 1 | Today Daily Change | -0.0463 |
| 2 | Today Daily Change % | -0.27% |
| 3 | Today daily open | 17.0435 |
The pair is trading above its 20 Daily moving average @ 16.9812, above its 50 Daily moving average @ 16.9738 , below its 100 Daily moving average @ 17.314 and below its 200 Daily moving average @ 18.076
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 16.9812 |
| 1 | Daily SMA50 | 16.9738 |
| 2 | Daily SMA100 | 17.3140 |
| 3 | Daily SMA200 | 18.0760 |
The previous day high was 17.115 while the previous day low was 16.7087. The daily 38.2% Fib levels comes at 16.9598, expected to provide support. Similarly, the daily 61.8% fib level is at 16.8639, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 16.7964, 16.5494, 16.3901
- Pivot resistance is noted at 17.2028, 17.3621, 17.6092
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 17.1150 |
| Previous Daily Low | 16.7087 |
| Previous Weekly High | 17.0800 |
| Previous Weekly Low | 16.7366 |
| Previous Monthly High | 17.4274 |
| Previous Monthly Low | 16.6945 |
| Daily Fibonacci 38.2% | 16.9598 |
| Daily Fibonacci 61.8% | 16.8639 |
| Daily Pivot Point S1 | 16.7964 |
| Daily Pivot Point S2 | 16.5494 |
| Daily Pivot Point S3 | 16.3901 |
| Daily Pivot Point R1 | 17.2028 |
| Daily Pivot Point R2 | 17.3621 |
| Daily Pivot Point R3 | 17.6092 |
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