USD/MXN 1H Chart: Short-term advance expected - Trade Pattern Ideas - Dukascopy Bank

Tue, 05 Nov 2019 09:22:20 GMT
Source: Dukascopy Bank SA
 
Indicator4H1D1W
MACD(12;26;9)BuySellSell
RSI(14)NeutralNeutralNeutral
Stochastic(5;3;3)NeutralNeutralBuy
Alligator(13;8;5)BuySellSell
SAR(0.02;0.2)BuyBuySell
Aggregate

The US Dollar has been depreciating against the Mexican Peso since the beginning of September. This movement has been bounded within the falling wedge pattern.

As apparent on the chart, the USD/MXN currency pair has already reversed north from the lower pattern line. Thus it is likely that some upside potential could prevail in the market in the short run. A possible upside target is the upper pattern line located in the 19.20/19.40.

If the given pattern does not hold, bulls could prevail in the market in the medium term. The exchange rate could target the resistance level formed by the Fibo 50.00% at 19.75. Otherwise, the Greenback could continue to depreciate within the given pattern in the medium term.


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