USD/MXN 1H Chart: Rising wedge pattern in sight

Source: Dukascopy Bank SA
Indicator4H1D1W
MACD(12;26;9)SellBuyBuy
RSI(14)NeutralNeutralNeutral
Stochastic(5;3;3)NeutralNeutralNeutral
Alligator(13;8;5)SellBuyBuy
SAR(0.02;0.2)SellSellSell
Aggregate

The USD/MXN currency pair has been trading upwards within a rising wedge pattern. Currently, the pair is testing the lower pattern line at 22.60.  

From a theoretical point of view, it is likely that the exchange rate could continue to trade within the given pattern in the medium term. Also, it is likely that a breakout south could occur at the end of July.  

Meanwhile, note that the currency pair is pressured by the 55-, 100– and 200-hour moving averages. Thus, a breakout south could occur in the nearest future. In this case the pair could decline below 21.50.

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