A technical perspective of USD/MXN
USD/MXN has reached the support line which has been limiting its downside since the middle of 2017. The line's currently providing support in the 19.07 area. It means that although the pair closed below the 100-week MA (19.2040) last week, sellers won't be able to pull it down easily.
The price action on the D1 is in line with the
parameters of the bullish Gartley harmonic pattern. As a result, USD/MXN has a
technical capability to get higher. The odds of the bullish scenario will
increase if it rises above the 200-day MA at 19.2480. The initial target will
then be at 19.38 (100-day MA).
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