USD/MXN declines in large scale pattern

Note: This section contains information in English only.
Source: Dukascopy Bank SA


In late March, the USD/MXN pair broke the channel up pattern, which guided it since early 2021. It appears that a smaller scale pattern, which was located in the larger pattern, has guided the rate back to the 2021 low level zone. The intact pattern captures the pair's moves since the late 2021 high level was reached.

Most recently, the pair retraced back up to the combination of the 200-day simple moving average and the 20.50 level, which acted as resistance and started a decline. By May 19, the decline had almost reached the 2021 and 2022 low level zone at 19.60/19.80.

If the low level zone holds out and caused another surge, the 50-day simple moving average and the 20.00 level might act as resistance. Higher above, the 20.50 level and the 200-day SMA are highly likely to stop a potential move up. In the case of both of these levels failing take into account the descending upper trend line of the channel down pattern.

However, a move below the 2021 and 2022 low level zone might find support in the 19.50 mark, before reaching the lower trend line of the channel down pattern.
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