OctaFX | OctaFX Forex Broker
Open trading account
Back

USD/MXN Price Analysis: Mexican peso fails to carry the pullback moves

  • USD/MXN searches for a clear direction below 10-day SMA, 23.6% Fibonacci retracement.
  • 21-day SMA limits immediate downside, overbought RSI conditions signal weakness.

Despite marking losses the previous day, USD/MXN registers 0.2% gains to 23.75 during the Asian session on Wednesday. The pair took a U-turn from 10-day SMA and 23.6% Fibonacci retracement of its March month upside the previous day.

Considering the nearly overbought conditions of RSI, the pair is less likely to extend the latest recovery moves and can drop to 38.2% Fibonacci retracement level around 23.00 amid further downside.

Though, 21-day SMA near 22.67 could question the pair’s declines past-23.00.

If at all USD/MXN prices cross 23.95 - 24.00 confluence, 24.60 and 25.00 round-figure could offer intermediate halts to the last week's top, also the record high, near 25.45.

USD/MXN forecast chart

Trend: Pullback expected

 

AUD/JPY: Muted reaction to RBA minutes

The AUD/JPY pair is barely moving in response to the minutes of the Reserve Bank of Australia's (RBA) emergency meeting held on March 18, which said t
Read more Previous

GBP/JPY Price Analysis: Rising wedge breakdown on 4H

GBP/JPY is currently sidelined near 133.40, having failed to take out resistance at 134.47 for the third straight day on Tuesday. That level marks the
Read more Next
Start livechat