USD/MXN: Testing Support Within a Tight Range
Chart Analysis:
USD/MXN remains stuck in sideways consolidation, with price action respecting both rising trendline support and overhead resistance at 20.80.
1️⃣ Support and Resistance Levels Holding:
Key resistance at 20.80 has repeatedly capped rallies, preventing a breakout.
Trendline support near 20.40 continues to hold, but a breakdown could open the door to further downside.
2️⃣ Moving Averages Provide Guidance:
50-day SMA (20.42): Acting as a dynamic support zone.
200-day SMA (19.28): Remains well below, reinforcing a longer-term bullish bias.
3️⃣ Momentum Indicators Show Lack of Conviction:
RSI: 48.64, indicating neutral momentum with no clear direction.
MACD: Barely above zero, reflecting a lack of strong trend momentum.
What to Watch:
A breakout above 20.80 could trigger fresh upside, targeting 21.00+.
A break below 20.40 would signal a potential reversal toward the 20.00 handle.
Sideways price action remains dominant, awaiting a catalyst for direction.
USD/MXN continues to coil within a tight range, leaving traders watching for a decisive breakout or breakdown.
-MW
USD/MXN remains stuck in sideways consolidation, with price action respecting both rising trendline support and overhead resistance at 20.80.
1️⃣ Support and Resistance Levels Holding:
Key resistance at 20.80 has repeatedly capped rallies, preventing a breakout.
Trendline support near 20.40 continues to hold, but a breakdown could open the door to further downside.
2️⃣ Moving Averages Provide Guidance:
50-day SMA (20.42): Acting as a dynamic support zone.
200-day SMA (19.28): Remains well below, reinforcing a longer-term bullish bias.
3️⃣ Momentum Indicators Show Lack of Conviction:
RSI: 48.64, indicating neutral momentum with no clear direction.
MACD: Barely above zero, reflecting a lack of strong trend momentum.
What to Watch:
A breakout above 20.80 could trigger fresh upside, targeting 21.00+.
A break below 20.40 would signal a potential reversal toward the 20.00 handle.
Sideways price action remains dominant, awaiting a catalyst for direction.
USD/MXN continues to coil within a tight range, leaving traders watching for a decisive breakout or breakdown.
-MW
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.
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.