USD/MXN: Positive Slope in 50-Day SMA in Focus
USD/MXN seems to be consolidating within the opening range for August as it struggles to extend the advance from the start of the week, but the exchange rate may track the positive slope in the 50-Day SMA (18.3576) should it continue to hold above the moving average.
USD/MXN Rate Outlook
Keep in the mind, the decline from the monthly high (20.2271) pulled the Relative Strength Index (RSI) back below 70, and USD/MXN may consolidate over the remainder of the month as the oscillator continues to move away from overbought territory.
Failure to hold above the 18.5090 (23.6% Fibonacci retracement) to 18.6330 (50% Fibonacci retracement) region may push USD/MXN towards the monthly low (18.4291), with the next area of interest coming in around 18.2040 (23.6% Fibonacci extension).
Nevertheless, a break/close above 19.1470 (61.8% Fibonacci extension) may push USD/MXN towards the 19.5620 (78.6% Fibonacci extension) to 19.6280 (23.6% Fibonacci extension) area, with the next hurdle coming in around 19.8990 (38.2% Fibonacci retracement) to 20.0900 (100% Fibonacci extension).
--- Written by David Song, Strategist at FOREX.com
USD/MXN Rate Outlook
Keep in the mind, the decline from the monthly high (20.2271) pulled the Relative Strength Index (RSI) back below 70, and USD/MXN may consolidate over the remainder of the month as the oscillator continues to move away from overbought territory.
Failure to hold above the 18.5090 (23.6% Fibonacci retracement) to 18.6330 (50% Fibonacci retracement) region may push USD/MXN towards the monthly low (18.4291), with the next area of interest coming in around 18.2040 (23.6% Fibonacci extension).
Nevertheless, a break/close above 19.1470 (61.8% Fibonacci extension) may push USD/MXN towards the 19.5620 (78.6% Fibonacci extension) to 19.6280 (23.6% Fibonacci extension) area, with the next hurdle coming in around 19.8990 (38.2% Fibonacci retracement) to 20.0900 (100% Fibonacci extension).
--- Written by David Song, Strategist at FOREX.com
Nota
USD/MXN may attempt to break out of the monthly range as it seems to be tracking the positive slope in the 50-Day SMA (18.5085).
USD/MXN Update
USD/MXN bounced back ahead of the monthly low (18.4291) to hold above the moving average, with the move back above the 19.5620 (78.6% Fibonacci extension) to 19.6280 (23.6% Fibonacci extension) region bringing the 19.8990 (38.2% Fibonacci retracement) to 20.0900 (100% Fibonacci extension) zone back on the radar.
A breach above the monthly high (20.2271) opens up 20.3200 (38.2% Fibonacci retracement), and a move above 70 in the Relative Strength Index (RSI) is likely to be accompanied by a further advance in USD/MXN like the price action from earlier this month.
However, lack of momentum to hold above the 19.5620 (78.6% Fibonacci extension) to 19.6280 (23.6% Fibonacci extension) region may keep the RSI below 70, with a move below 19.1470 (61.8% Fibonacci extension) opening up 18.8560 (50% Fibonacci extension).
--- Written by David Song, Strategist at FOREX.com
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