USD/MXN on Track to Test Positive Slope in 50-Day SMA
USD/MXN approaches the 50-Day SMA (18.9615) as it slips to a fresh monthly low (19.0919), with a break/close below 18.8560 (50% Fibonacci extension) bringing the 18.5090 (23.6% Fibonacci retracement) to 18.6330 (50% Fibonacci retracement) zone on the radar.
Next area of interest comes in around the August low (18.4291) but USD/MXN may track the positive slope in the moving average should it continue to hold above the indicator.
Need a move above the 19.5620 (78.6% Fibonacci extension) to 19.6280 (23.6% Fibonacci extension) region to bring the 19.8990 (38.2% Fibonacci retracement) to 20.0900 (100% Fibonacci extension) zone back on the radar, with a breach above the monthly high (20.1496) opening up the August high (20.2271).
--- Written by David Song, Strategist at FOREX.com
Next area of interest comes in around the August low (18.4291) but USD/MXN may track the positive slope in the moving average should it continue to hold above the indicator.
Need a move above the 19.5620 (78.6% Fibonacci extension) to 19.6280 (23.6% Fibonacci extension) region to bring the 19.8990 (38.2% Fibonacci retracement) to 20.0900 (100% Fibonacci extension) zone back on the radar, with a breach above the monthly high (20.1496) opening up the August high (20.2271).
--- Written by David Song, Strategist at FOREX.com
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