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USD/MXN Technical Analysis: Short-term broadening wedge, risks titled to the downside

  • The Mexican peso outperformed today after financial markets have positively received the 2019 budget. 
  • The USD/MXN is moving in a broadening wedge in the short-term, at the moment with a bearish bias that could point to a test of the lower limit. A consolidation significantly below 19.95 would open the doors to an extension of the bearish correction, targeting 19.60/70. 
  • To the upside, resistance levels are seen at 20.40 and then 20.70. A close above the last one would expose 2018 highs at 20.95/21.00. 

USD/MXN 4-hour chart 

USD/MXN

USD/MXN Weekly chart

USD/MXN

USD/MXN

Overview:
    Today Last Price: 20.1106
    Today Daily change %: -0.651%
    Today Daily Open: 20.2423
Trends:
    Previous Daily SMA20: 20.3407
    Previous Daily SMA50: 19.9191
    Previous Daily SMA100: 19.4117
    Previous Daily SMA200: 19.3054
Levels:
    Previous Daily High: 20.5312
    Previous Daily Low: 20.1981
    Previous Weekly High: 20.5312
    Previous Weekly Low: 19.9874
    Previous Monthly High: 20.6355
    Previous Monthly Low: 19.576
    Previous Daily Fibonacci 38.2%: 20.3254
    Previous Daily Fibonacci 61.8%: 20.404
    Previous Daily Pivot Point S1: 20.1165
    Previous Daily Pivot Point S2: 19.9907
    Previous Daily Pivot Point S3: 19.7834
    Previous Daily Pivot Point R1: 20.4497
    Previous Daily Pivot Point R2: 20.657
    Previous Daily Pivot Point R3: 20.7828

 

 

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