USD/MXN is under pressure following the failed attempt to test the yearly high (21.2943).
USD/MXN snaps the range bound price action from last week, and a move/close below the 19.8990 (38.2% Fibonacci retracement) to 20.0120 (38.2% Fibonacci extension) zone may lead to a test of the monthly low (19.8362).
Next area of interest comes in around the November low (19.7610), but USD/MXN may track the flattening slope in the 50-Day SMA (20.3418) should it struggle to close below the 19.8990 (38.2% Fibonacci retracement) to 20.0120 (38.2% Fibonacci extension) zone.
A move back above the 20.3200 (38.2% Fibonacci retracement) to 20.4490 (50% Fibonacci extension) brings the 20.8850 (61.8% Fibonacci extension) to 21.0220 (50% Fibonacci retracement) region on the radar, with the next area of interest coming in around the monthly high (21.0812).
--- Written by David Song, Senior Strategist at FOREX.com
USD/MXN snaps the range bound price action from last week, and a move/close below the 19.8990 (38.2% Fibonacci retracement) to 20.0120 (38.2% Fibonacci extension) zone may lead to a test of the monthly low (19.8362).
Next area of interest comes in around the November low (19.7610), but USD/MXN may track the flattening slope in the 50-Day SMA (20.3418) should it struggle to close below the 19.8990 (38.2% Fibonacci retracement) to 20.0120 (38.2% Fibonacci extension) zone.
A move back above the 20.3200 (38.2% Fibonacci retracement) to 20.4490 (50% Fibonacci extension) brings the 20.8850 (61.8% Fibonacci extension) to 21.0220 (50% Fibonacci retracement) region on the radar, with the next area of interest coming in around the monthly high (21.0812).
--- 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.