USD/MXN 1H Chart: Medium-term channel in sight - Trade Pattern Ideas - Dukascopy Bank

Tue, 30 Oct 2018 13:26:15 GMT
Source: Dukascopy Bank SA
 

Indicator 4H 1D 1W
MACD (12; 26; 9) Buy Buy Buy
RSI (14) Sell Sell Neutral
Stochastic (5; 3) Sell Neutral Neutral
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 October when the currency pair reversed from the lower boundary of a medium-term ascending channel near 18.75.  

As apparent on the chart, the rate is testing the upper channel line located near 20.10. It is most likely that a breakout from given channel occurs in the nearest future. A potential upside target is the monthly R3 at 20.41. 

Meanwhile, technical indicators demonstrate that there is still some downside potential in the market before bulls are able to prevail in the market again.


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