USD/MXN Price Analysis: Mexican peso recovers losses from 13-day-old falling trendline
- USD/MXN steps back from four-day top amid bearish MACD.
- 50-day SMA, multi-day-old rising trend line offers key support.
- Another descending resistance line from early-April adds to the resistance.
USD/MXN declines to 24.33 during Wednesday’s Asian session. In doing so, the quote takes U-turn from multi-day-old falling trend line resistance
In addition to the pair’s failure to cross the near-term key resistance line, bearish MACD also favors sellers.
As a result, the quote’s pullback towards the 24.00 round-figure can’t be ruled out. However, a confluence of 50-day SMA and an ascending trend line from March 27, around 23.65/60, offers a strong challenge to the sellers afterward.
Alternatively, an upside clearance of 24.40 immediate resistance can propel USD/MXN prices towards another resistance line stretched from April 06, at 24.83 now.
USD/MXN daily chart
Trend: Pullback expected
Reprinted from FXStreet，the copyright all reserved by the original author.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
-THE END-