USDMXN ready for another bearish wave

25 ביולי 2018

The pair could not break the supply line that links lower highs and 19 area is a congestion of multiple resistances, both static and dynamic. USDMXN made 3 consecutive spikes as it could not close above its 200 day MA. At the same level there is also the 61.8% Fibonacci retracement. It is possible to retest its 2018 low at 17.92 and in case USDMXN would make a bulllish breakout the first relevant test will be at 19.45.