USDMXN bounces between MAs higher and lower

Technical Analysis

Author: Greg Michalowski | usdmxn

200 hour MA/100 day MA on the top.  100 hour MA below.

The USDMXN is up testing a cluster of resistance defined by the 200 hour MA at 22.7099, the 100 day MA at 22.7009 and the 50% retracement at 22.68768.  Earlier in the day, that area was tested and found sellers. The price fell and found support buyers at the 100 hour MA (currently at 22.4727).  The subsequent move back higher has returned to the higher cluster. The last two hours is trying to extend above the area.

200 hour MA/100 day MA on the top.  100 hour MA below.
Can the price head above the area?  If it can, can it stay above? Do we continue to find sellers against the level and rotate back to the 22.5937-22.62199 area (and if below that, the 100 hour MA at 22.4727).  

Overall, it's a key area for both the buyers and the sellers. Look for the next shove. 

For bank trade ideas, check out eFX Plus
By continuing to browse our site you agree to our use of cookies, revised Privacy Notice and Terms of Service. More information about cookiesClose