USD/MXN: Wall of Resistance Holds, Now What?
- USD/MXN testing key daily support- Price remains vulnerable sub 18.7885
- Updated targets & invalidation levels
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Technical Outlook:USDMXN has been testing support at the 2017 low-day close at 18.5751 for the past few days after failing at key resistance noted earlier this month. Watch today’s close with a move below this level targeting the lower parallel around 18.30 & a key support zone at 18.0045-18.1586.
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Notes: A closer look at price action highlights interim resistance at 18.7837/85 where the monthly open converges on the 61.8% retracement of the April advance. We’ll reserve this level as our near-term bearish invalidation with a break lower targeting subsequent support objectives at 18.4682 & 18.3000. Keep in mind we get the release of the minutes from the latest FOMC policy decision later today and unemployment data out of Mexico on Friday.
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Relevant Data Releases
Other Setups in Play:
- Crude Oil Prices Target Resistance Ahead of OPEC
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- AUD/USD Into Resistance – 7500 in Focus
- Weekly Strategy Webinar: Dollar at 6-Month Lows- How to Trade It
- Written by Michael Boutros, Currency Strategist with DailyFX
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.