| Indicator | 4H | 1D | 1W |
|---|---|---|---|
| MACD(12;26;9) | Buy | Buy | Buy |
| RSI(14) | Neutral | Neutral | Sell |
| Stochastic(5;3;3) | Buy | Neutral | Neutral |
| Alligator(13;8;5) | Buy | Buy | Buy |
| SAR(0.02;0.2) | Sell | Buy | Buy |
| Aggregate | ⇗ | ⇗ | ⇗ |
The USD/MXN currency pair has been trading within a rising wedge pattern since the end of March. As apparent on the chart, the pair has broken the lower pattern line today.
From a theoretical perspective, it is likely that some downside potential could prevail in the market in the medium term. In this case the exchange rate could face the support levels—the monthly PP and S1, located at 22.78 and 20.10 respectively.
On the other hand, the currency pair could gain support from the 200-hour SMA near 24.00 and continue to trade upwards. Note that the pair would have to surpass the monthly R1 and R2, located at 26.41 and 29.09 respectively.