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- USD/MXN Price Analysis: Mexican peso breaking trendline, looks to test 20.00
USD/MXN Price Analysis: Mexican peso breaking trendline, looks to test 20.00
- The Mexican peso rises for the fifth consecutive day on Monday versus the US dollar.
- USD/MXN’s momentum favors the downside as it approaches the 20.00 area.
- The 20.25 area turns now to resistance.
The USD/MXN continued its decline on Monday and dropped to 20.04, reaching the lowest level since April 5. Bearish signs increased after the pair decreased below the 20-day Simple Moving Average and as Momentum turned further to the downside, under 100. Another negative sign for the pair is the decline under a short-term bearish trendline.
If the decline continues, USD/MXN will likely challenge the 20.00 area. The May low at 19.99 is a strong support and a break lower could clear the way to 19.90, the next support.
Any rebound, while under 20.25, should be seen as corrective. While a recovery above 20.30 would negate the current negative bias. Above the critical resistance await at 20.45. A daily close above would be a positive development for the greenback, exposing 20.70.
USD/MXN daily chart
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