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USD/MXN Responds to Wall of Resistance

USD/MXN Responds to Wall of Resistance

2017-05-10 16:52:00
Michael Boutros, Strategist
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Talking Points

  • USDMXN carves weekly opening range just below resistance
  • Updated targets & invalidation levels
  • Join Michael for Live Weekly Strategy Webinars on Mondays at 12:30GMT

USDMXN Daily

USD/MXN Daily Chart

Technical Outlook: USDMXN broke below trendline support extending off the 2015 lows back in March with the slope offering resistance ever since. The pair turned from confluence slope resistance this week with the pullback now eyeing initial support at the weekly open / April trendline ~18.8931with a break below the monthly open 18.7885 needed to mark resumption of the broader downtrend. Initial resistance stands at 19.2997backed by broader bearish invalidation into 19.6402.

Check out our 2Q projections in our Free DailyFX Trading Forecasts

USDMXN 240min

USD/MXN 240min Chart

Notes:Momentum divergence into this resistance zone was a hallmark for the near-term pullback which is now approaching initial support. Look for a break of this range between 18.8931-19.2996 for guidance on our immediate directional bias with a breach higher towards key resistance to ultimately offer more favorable short entries. From a trading standpoint, while within the confines of this range I’ll still favor selling rallies.

See how shifts in retail positioning are effecting market trends.

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Other Setups in Play:

- Written by Michael Boutros, Currency Strategist with DailyFX

Follow Michael on Twitter @MBForex contact him at mboutros@dailyfx.com or Click Here to be added to his email distribution list.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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