USD/MXN Bounces Back Ahead of 50-Day SMA
USD/MXN appears to be bouncing back ahead of the 50-Day SMA (19.1627) as it climbs to a fresh weekly high (19.6849).
In turn, USD/MXN may track the positive slope in the moving average as it continues to hold above the indicator, with a break/close above the 19.8990 (38.2% Fibonacci retracement) to 20.0900 (100% Fibonacci extension) zone bringing the yearly high (20.2271) on the radar.
Next area of interest comes in around 20.3200 (38.2% Fibonacci retracement) but lack of momentum to break/close above the 19.8990 (38.2% Fibonacci retracement) to 20.0900 (100% Fibonacci extension) zone may keep USD/MXN within the August range.
Lack of momentum to hold above the 19.5620 (78.6% Fibonacci extension) to 19.6280 (23.6% Fibonacci extension) region may push USD/MXN back towards 19.1470 (61.8% Fibonacci extension), with the next area of interest coming in around the monthly low (19.0660).
--- Written by David Song, Strategist at FOREX.com
In turn, USD/MXN may track the positive slope in the moving average as it continues to hold above the indicator, with a break/close above the 19.8990 (38.2% Fibonacci retracement) to 20.0900 (100% Fibonacci extension) zone bringing the yearly high (20.2271) on the radar.
Next area of interest comes in around 20.3200 (38.2% Fibonacci retracement) but lack of momentum to break/close above the 19.8990 (38.2% Fibonacci retracement) to 20.0900 (100% Fibonacci extension) zone may keep USD/MXN within the August range.
Lack of momentum to hold above the 19.5620 (78.6% Fibonacci extension) to 19.6280 (23.6% Fibonacci extension) region may push USD/MXN back towards 19.1470 (61.8% Fibonacci extension), with the next area of interest coming in around the monthly low (19.0660).
--- Written by David Song, Strategist at FOREX.com
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