- Analytics
- News and Tools
- Market News
- USD/MXN Price Analysis: Strong barrier around 20.45 intact
USD/MXN Price Analysis: Strong barrier around 20.45 intact
- US dollar jumps and then makes a full pullback.
- Mexican peso gains on risk appetite, on Thursday Banxico’s decision.
- USD/MXN upside capped by 20.45, testing the 20-day SMA.
The USD/MXN made a run to 20.46 after the release of US inflation data, reaching the highest level in a week. Then, amid a general reversal of the US dollar pulled back all the way down back and printed a fresh daily low at 20.21, slightly above the 20-day Simple Moving Average (SMA).
The 20-SMA at 20.20 is the immediate support level and a break lower should clear the way for a test of an uptrend line at 20.08. Below the line there is not much support until the May low at 19.99, also a horizontal critical area.
The daily RSI and the Momentum turned south, suggesting some strength ahead for the Mexican peso that would be confirmed with a daily close under 20.20.
If USD/MXN remains above 20.25, a new test of 20.45 would remain on the table. The area around 20.45 also contains the 200-day SMA. A consolidation above should clear the way for more gains above the 20.50 horizontal resistance. The next significant barrier is seen at 20.70.
USD/MXN daily chart
-637878828137070246.png)
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
