USD/MXN appears to be bouncing back ahead of the August 2024 low (18.4291) as it extends the advance from the July low (18.5116), with the exchange rate trading above the 50-Day SMA (18.8993) for the first time since April.
USD/MXN trades to a fresh weekly high (18.9810) following the failed attempt to push below the 18.5090 (23.6% Fibonacci retracement) to 18.6330 (50% Fibonacci retracement) zone, with a move above 19.3720 (38.2% Fibonacci retracement) bringing the June high (19.4441) on the radar.
A move/close above 19.6280 (23.6% Fibonacci extension) opens up the May high (19.7820), but lack of momentum to hold above 18.7780 (50% Fibonacci retracement) may push USD/MXN back toward the July low (18.5116).
--- Written by David Song, Senior Strategist at FOREX.com
USD/MXN trades to a fresh weekly high (18.9810) following the failed attempt to push below the 18.5090 (23.6% Fibonacci retracement) to 18.6330 (50% Fibonacci retracement) zone, with a move above 19.3720 (38.2% Fibonacci retracement) bringing the June high (19.4441) on the radar.
A move/close above 19.6280 (23.6% Fibonacci extension) opens up the May high (19.7820), but lack of momentum to hold above 18.7780 (50% Fibonacci retracement) may push USD/MXN back toward the July low (18.5116).
--- Written by David Song, Senior Strategist at FOREX.com
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.