| Indicator | 4H | 1D | 1W |
|---|---|---|---|
| MACD(12;26;9) | Buy | Buy | Buy |
| RSI(14) | Sell | Neutral | Neutral |
| Stochastic(5;3;3) | Sell | Sell | Buy |
| Alligator(13;8;5) | Buy | Buy | Buy |
| SAR(0.02;0.2) | Buy | Buy | Buy |
| Aggregate | ⇒ | ⇗ | ⇑ |
The US Dollar has been appreciating against the Mexican Peso since the middle of September when the USD/MXN currency pair reversed north from the lower boundary of the rising wedge pattern at 19.33.
From a theoretical point of view, it is likely that the exchange rate could continue to trade upwards, as it should target the upper pattern line located circa the 20.40 level. However, note that the currency pair has to surpass the resistance level formed by the Fibonacci 61.80% retracement at 20.28.
It is unlikely that the bears could prevail in the market, and the exchange rate could breach the given pattern south due to the support cluster formed by the 55-, 100– and 200-period SMAs (4H time-frame chart), currently located in the 19.53/19.70 range.