USDMXN - Daily - Could be positioning for a move.
Trade Alert
It seems that it could be the time for US dollar to pick up against the Mexican Peso. Certainly, that's how it looks from the technical side. A strong move and a close above the 18.5100 level interest the bulls to join in and drive the pair higher. The next potential area of resistance to keep an eye on is the 18.762 zone, marked by the high of the 2nd of August. A further acceleration in the rate could lead to a test of the 19.1690 zone, which was acted as good resistance and support on the 4th of July and the 29th of June respectively.
For us to start examining lower levels, we would need to see a break and a close below the 18.3955 level, which could open the path towards the 17.9400 barrier, marked by the low of the 17th of April.
Always have your stop-loss in place.
It seems that it could be the time for US dollar to pick up against the Mexican Peso. Certainly, that's how it looks from the technical side. A strong move and a close above the 18.5100 level interest the bulls to join in and drive the pair higher. The next potential area of resistance to keep an eye on is the 18.762 zone, marked by the high of the 2nd of August. A further acceleration in the rate could lead to a test of the 19.1690 zone, which was acted as good resistance and support on the 4th of July and the 29th of June respectively.
For us to start examining lower levels, we would need to see a break and a close below the 18.3955 level, which could open the path towards the 17.9400 barrier, marked by the low of the 17th of April.
Always have your stop-loss in place.