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USD/MXN Technical Analysis: Getting ready for a test of 20.00

  • The USD/MXN reached last week at 20.65, the highest level since June and then lost strength and started a bearish correction.
  • On Friday, the pair posted the first daily close in more than a month below the 20-day moving average. The line began to flatten and to turn to the downside, offering a positive signal for MXN. Currently stands at 20.36 and a close significantly above would point to further consolidating or renewed strength for the dollar. 
  • Technical indicators favor an extension of the correction. The next critical level to the downside is the 20.00/05 area. A test could be seen and it is likely to cap the slide initially. A close below would add more strength to the correction, with a potential target at 19.70.

USD/MXN Daily Chart

USD/MXN

USD/MXN

Overview:
    Today Last Price: 20.2025
    Today Daily change %: -0.445%
    Today Daily Open: 20.2929
Trends:
    Previous Daily SMA20: 20.3641
    Previous Daily SMA50: 19.8184
    Previous Daily SMA100: 19.3516
    Previous Daily SMA200: 19.2766
Levels:
    Previous Daily High: 20.3988
    Previous Daily Low: 20.2019
    Previous Weekly High: 20.658
    Previous Weekly Low: 20.0079
    Previous Monthly High: 20.6355
    Previous Monthly Low: 19.576
    Previous Daily Fibonacci 38.2%: 20.3236
    Previous Daily Fibonacci 61.8%: 20.2772
    Previous Daily Pivot Point S1: 20.1969
    Previous Daily Pivot Point S2: 20.101
    Previous Daily Pivot Point S3: 20
    Previous Daily Pivot Point R1: 20.3939
    Previous Daily Pivot Point R2: 20.4948
    Previous Daily Pivot Point R3: 20.5908

 

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