USD/MXN Responds to Wall of Resistance

Talking Points

  • USDMXN carves weekly opening operation only next resistance
  • Updated targets cancellation levels
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USDMXN Daily

USD/MXN Daily Chart

Technical Outlook: USDMXN pennyless next trendline support fluctuating off a 2015 lows behind in Mar with a slope charity insurgency ever since. The span incited from connection slope insurgency this week with a pullback now eyeing initial support during a weekly open / Apr trendline ~18.8931with a mangle next a monthly open 18.7885 needed to symbol resumption of a broader downtrend. Initial insurgency stands during 19.2997backed by broader bearish cancellation into 19.6402.

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USDMXN 240min

USD/MXN 240min Chart

Notes:Momentum dissimilarity into this insurgency section was a hallmark for a near-term pullback that is now coming initial support. Look for a mangle of this operation between 18.8931-19.2996 for superintendence on a evident directional disposition with a crack aloft towards pivotal insurgency to eventually offer some-more auspicious brief entries. From a trade standpoint, while within a proportions of this operation I’ll still preference offered rallies.

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– Written by Michael Boutros, Currency Strategist with DailyFX

Follow Michael on Twitter @MBForex hit him during mboutros@dailyfx.com or Click Here to be combined to his email placement list.

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