USD/MXN retreats to 17.35 as bulls struggle to keep the reins amid the market’s consolidation ahead of the Federal Reserve’s (Fed) monetary policy meeting minutes. That said, the Mexican Peso (MXN) pair drops for the first day so far in three while fading the previous day’s rebound from the 200-Hour Moving Average (HMA).
It’s worth noting, however, that the 50-HMA is closing in on the 200-HMA from below and portrays a looming bull cross to lure the USD/MXN buyers.
Also suggesting the quote’s further upside is the RSI (14) line that stays sturdy beyond the 50.0 level.
Even so, the USD/MXN bulls need to cross the one-week-old falling resistance line surrounding 17.20, as well as gain support from the dovish minutes of the Federal Open Market Committee’s (FOMC) latest Monetary Policy Meeting Minutes, to retake control.
Following that, a horizontal area comprising levels marked since August 04, near 17.30, can prod the USD/MXN pair’s further upside before marking a run-up toward the monthly peak of near 17.42.
On the flip side, the 200-HMA and the 50-HMA restrict the immediate downside of the Mexican Peso pair to around 17.09-08.
In a case where the USD/MXN drops below the 17.08 support line, a convergence of an upward-sloping trend line from July 28 and the 50% Fibonacci retracement of late July to early August upside, near the 17.00 threshold, appears a tough nut to crack for the bears
면책 조항: 본 게시글에 표현된 견해는 전적으로 작성자의 견해이며 Followme의 공식 입장을 대변하지 않습니다. Followme는 제공된 정보의 정확성, 완전성 또는 신뢰성에 대해 책임을 지지 않으며, 서면으로 명시적으로 언급되지 않는 한 해당 내용을 기반으로 취해진 어떠한 조치에 대해서도 책임을 지지 않습니다.
