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- USD/MXN Price Analysis: Grinds within symmetrical triangle above 18.00
USD/MXN Price Analysis: Grinds within symmetrical triangle above 18.00
- USD/MXN struggles to extend two-day recovery inside one-week-old symmetrical triangle.
- Bearish moving average crossover, steady RSI line keeps Mexican Peso pair sellers hopeful.
- Five-week-long ascending trend line adds to the downside filters.
USD/MXN fades upside momentum within a one-week-long symmetrical triangle as it makes rounds to 18.17 during early Wednesday. In doing so, the Mexican Peso (MXN) pair prints mild losses, after rising in the last two consecutive days.
It’s worth noting, however, that the 100-SMA pierces off the 200-SMA from above and portrays a bearish crossover, which in turn joins steady RSI to suggest further downside of the USD/MXN price.
However, a clear downside break of the stated triangle’s lower line, close to 18.10 by the press time, becomes necessary to call the bears.
Following that, an upward-sloping support line from early March, around 18.00 by the press time, becomes crucial to watch as it holds the key to the USD/MXN pair’s likely south-run towards refreshing the yearly low, currently around 17.89.
Alternatively, recovery moves need to cross the top line of the aforementioned triangle, around 18.23 at the latest.
Even so, the 100-SMA and 200-SMA can challenge the USD/MXN bulls around 18.26 and 18.34 in that order.
Should the USD/MXN bulls keep the reins past 18.34, the monthly high of around 18.40 can act as the last defense of the bears.
Overall, USD/MXN remains sidelined within a short-term triangle but remains well on the bear’s radar.
USD/MXN: Four-hour chart
Trend: Further downside expected
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