A correction to 19.00 is on the cards – Crypto News – Crypto News
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A correction to 19.00 is on the cards – Crypto News

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2 years ago

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  • The Mexican Peso holds a bullish tone against the US Dollar.
  • USD/MXN’s technical indicators point to a correction or a consolidation.
  • Consolidation below 18.70 would open the doors to 18.50.

The USD/MXN is rising on Monday after hitting the lowest intraday level in almost three years at 18.73. A weaker US Dollar and a positive tone across financial markets are offering support to the Mexican Peso and emerging market currencies.

The rebound on Monday was capped by the 18.85 zone, the confluence of a horizontal level, the 20-Simple Moving Average in four hours charts and a downtrend line. A break above would open the doors to a deeper bullish correction in line with some technical Indicators, The next resistance is seen at 18.90 before the more important zone of 19.00/05 which should limit the upside.

In the short-term, technical indicators favor a stabilization. Momentum is well below midlines but pointing to the upside. RSI is at or near oversold levels and MACD shows some potential for a deeper correction.

The main trend for USD/MXN is bearish. The downside so far has found support at the 18.70/75 zone. A break lower would clear the way for more losses, targeting the 18.50 zone.

USD/MXN 4-hour chart

technical levels

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