- USD/MXN jumps from YTD lows round $18.33 and climbs to 18.40.
- USD/MXN Price Analysis: Positive divergence stays, which may pave the way in which for a restoration.
The USD/MXN bounces after hitting multi-year lows round 18.3301, snapping three days of consecutive losses. Nevertheless, the USD/MXN would stay pressured after a powerful downtrend dragged costs from the final 12 months’s $21.05 peak towards the above-mentioned $18.33 space. At the time of writing, the USD/MXN exchanges hand at 18.4076, above its opening worth by 0.25%.
Technically talking, the USD/MXN every day chart portrays a bearish continuation because the almost definitely situation. However, the divergence between the USD/MXN worth motion and the Relative Strength Index (RSI) stays intact, which might spur a reversal which may open the door for the USD/MXN patrons to reclaim the $19.00 psychological degree. This means as worth motion registered decrease lows, the RSI has not. Therefore, dangers for a reversal stay, which might open the door for additional USD/MXN upside.
For that situation to play out, the USD/MXN must crack the confluence of a downslope-resistance trendline and the 20-day Exponential Moving Average (EMA) at 18.6951, adopted by the February 15 every day excessive at 18.7479, adopted by the 50-day EMA At 18.9669, forward of the 19.0000 psychological worth degree.
The USD/MXN should conquer the 18.4000 mark for a bearish continuation. Once cleared, that can expose the YTD low at 18.3301, adopted by the psychological $18.00.
USD/MXN Daily chart
USD/MXN Key technical ranges