USD/MXN Holding the Rising Trendline, Key Resistance in Sight
Chart Analysis:
The USD/MXN pair continues to respect the rising trendline (black), maintaining its bullish structure. Price action remains constructive as it hovers near 20.25, with a key resistance level around 20.80.
1️⃣ Rising Trendline Support:
The trendline, initiated from mid-June lows, has consistently supported price dips. This upward trajectory remains intact for now.
2️⃣ Key Resistance Zone:
The 20.80 level (horizontal black line) marks a critical resistance area, where price struggled to break higher earlier this month. A move above this could signal renewed bullish momentum.
3️⃣ Moving Averages:
50-day SMA (blue): Price remains above the 50-day SMA at 20.12, confirming short-term bullish strength.
200-day SMA (red): The longer-term bullish trend remains intact, with the 200-day SMA rising steadily around 18.55.
4️⃣ Momentum Indicators:
RSI: Hovering near 51.41, signaling neutral momentum. Traders may watch for a push into overbought territory if price challenges resistance.
MACD: The MACD remains flat, with the signal line just above zero, suggesting indecision in short-term momentum.
What to Watch:
A sustained break above 20.80 could signal continuation of the bullish trend and bring new highs into focus.
If the rising trendline fails, traders may monitor the 50-day SMA near 20.12 as a key support level.
USD/MXN remains bullish within its rising trendline structure, with the 20.80 resistance level standing as a critical hurdle. Momentum and price action suggest a key decision point ahead.
-MW
The USD/MXN pair continues to respect the rising trendline (black), maintaining its bullish structure. Price action remains constructive as it hovers near 20.25, with a key resistance level around 20.80.
1️⃣ Rising Trendline Support:
The trendline, initiated from mid-June lows, has consistently supported price dips. This upward trajectory remains intact for now.
2️⃣ Key Resistance Zone:
The 20.80 level (horizontal black line) marks a critical resistance area, where price struggled to break higher earlier this month. A move above this could signal renewed bullish momentum.
3️⃣ Moving Averages:
50-day SMA (blue): Price remains above the 50-day SMA at 20.12, confirming short-term bullish strength.
200-day SMA (red): The longer-term bullish trend remains intact, with the 200-day SMA rising steadily around 18.55.
4️⃣ Momentum Indicators:
RSI: Hovering near 51.41, signaling neutral momentum. Traders may watch for a push into overbought territory if price challenges resistance.
MACD: The MACD remains flat, with the signal line just above zero, suggesting indecision in short-term momentum.
What to Watch:
A sustained break above 20.80 could signal continuation of the bullish trend and bring new highs into focus.
If the rising trendline fails, traders may monitor the 50-day SMA near 20.12 as a key support level.
USD/MXN remains bullish within its rising trendline structure, with the 20.80 resistance level standing as a critical hurdle. Momentum and price action suggest a key decision point ahead.
-MW
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