USD/MXN 1H Chart: Resistance level in sight - Trade Pattern Ideas - Dukascopy Bank

Thu, 04 Oct 2018 11:05:32 GMT
Source: Dukascopy Bank SA
 

Indicator 4H 1D 1W
MACD (12; 26; 9) Buy Sell Sell
RSI (14) Sell Neutral Neutral
Stochastic (5; 3) Sell Sell Neutral
Alligator (13; 8; 5) Buy Sell Sell
SAR (0.02; 0.2) Buy Buy Sell
Aggregate

The US Dollar has been appreciating against the Mexican Peso after the currency pair reversed from the lower boundary of a medium-term ascending channel.  

Currently, the rate is trading near the support level formed by the monthly PP at 19.03. If given support level holds, it is expected that the pair will aim for the upper channel line located circa 19.65. Important resistance level to look out for is a combination of the weekly R2 and the Fibonacci 38.20% retracement at 19.21. 

If given resistance level holds, the pair might make a reverse and go downside to re-test the lower channel line located circa 18.70.


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