USD/MXN Bears Tire Close to Downtrend Assist

Mexican Peso Technical Value Outlook: USD/MXN Close to-term Commerce Ranges

• Mexican Peso up to date technical commerce ranges – Each day & Intraday Charts
• USD/MXN decline fails to carry beneath help – danger for bear market restoration
• Key near-term resistance 20.6301 – decline susceptible into 19.8794

The US Greenback plummeted greater than 9.2% off the month-to-month highs in opposition to the Mexican Peso with USD/MXN now probing longer-term technical help. Whereas the broader outlook stays weighted to the draw back, the bears could also be susceptible near-term simply above downtrend help. These are the up to date targets and invalidation ranges that matter on the USD/MXN technical worth charts. Evaluation my newest Technique Webinar for an in-depth breakdown of this Peso setup and extra.

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Mexican Peso Value Chart – USD/MXN Each day

Chart Ready by Michael Boutros, Technical Strategist; USD/MXN on Tradingview

Technical Outlook: In my final Mexican Peso Value Outlook we famous that USD/MXN was probing a key help zone on the, “2019 high-day shut / Fibonacci help at 20.0752/1360 – in search of inflection off this threshold.” Value closed final week just under this threshold with reversal candle immediately threatening a restoration throughout the broader downtrend.

Preliminary every day resistance eyed on the 75% parallel (presently ~20.6500) backed by the September low at 20.8377- broader bearish invalidation regular at 21.2317/2942. Search for a detailed beneath the June 2019 highs at 19.8794 to mark resumption with such a state of affairs exposing the 88.6% Fibonacci retracement at 19.3497.

Mexican Peso Value Chart – USD/MXN 120min

Notes: A closer have a look at Peso worth motion exhibits USD/MXN persevering with to commerce throughout the confines of a near-term descending pitchfork formation extending off the June / September highs. A quick take a look at of the month-to-month lows failed immediately with worth making an attempt to shut greater on the day. Preliminary resistance 20.4336 with a breach above 20.6301 wanted to counsel a bigger reversal is underway. Preliminary help regular at 19.8794 backed by the decrease parallel / 19.6591– use warning, a break beneath this threshold would seemingly gasoline accelerated losses for the greenback.

Backside line: Mexican Peso is carving the weekly opening-range simply above downtrend help and whereas the broader danger stays decrease, the speedy decline could also be susceptible right here. From a buying and selling standpoint, an excellent zone to cut back quick publicity / decrease protecting cease – be looking out for draw back exhaustion whereas above 19.6591 with a breach / shut above 20.6301 wanted to shift the main target greater in USD/MXN.

For a whole breakdown of Michael’s buying and selling technique, evaluate his Foundations of Technical Evaluation sequence on Building a Trading Strategy

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— Written by Michael Boutros, Technical Strategist with DailyFX

Observe Michael on Twitter @MBForex