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- USD/MXN Price Analysis: Founds a bottom around 18.30, rebounds at YTD lows eyeing 18.40
USD/MXN Price Analysis: Founds a bottom around 18.30, rebounds at YTD lows eyeing 18.40
- USD/MXN cannot drop to fresh YTD lows after hitting 18.3301 on February 17.
- Positive divergence between the RSI and USD/MXN price action suggests further upside is warranted.
- USD/MXN: If it reclaims 18.45, it could test $18.70; otherwise, the YTD lows are targeted.
The Mexican Peso (MXN) weakens vs. the US Dollar (USD) as Wall Street’s session begins, yet stills exchanging hands below Monday’s high of 18.4366, which would further warrant downward action. However, the USD/MXN is registering decent gains of 0.23%, trading at 18.3977.
From a daily chart perspective, the USD/MXN remains downward biased. In the last three days, USD/MXN sellers had been unable to drag prices towards the $18.00 psychological barrier, beneath the YTD low of 18.3301.
Momentum indicators like the Relative Strength Index (RSI), albeit in bearish territory, suggest that buying pressure could be building. The Rate of Change (RoC) hit the neutral level after three-straight days of equal to no volatility.
The USD/MXN needs to conquer Monday’s high for an upward reversal. Once cleared, the USD/MXN might rally toward the confluence of February 16 and 17 daily highs and the 20-day EMA at the 18.66/68 area. A decisive break will expose the 50-day EMA at 18.9428, ahead of the psychological $19.00 area.
For a bearish continuation of the USD/MXN, sellers must challenge the $18.00 figure once they cleared the YTD low at 18.3301. If the USD/MXN reclaims 18.0000, the next support would be April 17, 2018, swing low at 17.9388, followed by July 19, 2017, daily low of 17.4498.
USD/MXN Daily chart
USD/MXN Key technical levels
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