USD/MXN: Is the Uptrend Breaking?
Chart Analysis:
USD/MXN has broken below a key ascending trendline (blue), suggesting potential weakening in the bullish momentum observed since mid-2024.
1️⃣ Key Support Breakdown:
The pair closed below the ascending trendline at 20.25, signaling potential bearish pressure.
The next key support lies near 20.00, a psychological level and a significant horizontal zone.
2️⃣ Moving Averages:
50-day SMA (blue): At 20.38, acting as dynamic resistance following the breakdown.
200-day SMA (red): Positioned lower at 19.05, confirming a longer-term bullish structure remains intact despite recent weakness.
3️⃣ Momentum Indicators:
RSI: At 43.19, showing bearish momentum but not yet oversold.
MACD: Hovering near the zero line with a slight bearish crossover, indicating waning upward momentum.
What to Watch:
A sustained move below 20.00 could confirm a deeper bearish correction toward the 200-day SMA.
A recovery back above the trendline and 20.38 could invalidate the bearish breakout and signal a continuation of the bullish trend.
USD/MXN's near-term direction hinges on its ability to either hold above 20.00 or reclaim the broken trendline for renewed bullish momentum.
-MW
USD/MXN has broken below a key ascending trendline (blue), suggesting potential weakening in the bullish momentum observed since mid-2024.
1️⃣ Key Support Breakdown:
The pair closed below the ascending trendline at 20.25, signaling potential bearish pressure.
The next key support lies near 20.00, a psychological level and a significant horizontal zone.
2️⃣ Moving Averages:
50-day SMA (blue): At 20.38, acting as dynamic resistance following the breakdown.
200-day SMA (red): Positioned lower at 19.05, confirming a longer-term bullish structure remains intact despite recent weakness.
3️⃣ Momentum Indicators:
RSI: At 43.19, showing bearish momentum but not yet oversold.
MACD: Hovering near the zero line with a slight bearish crossover, indicating waning upward momentum.
What to Watch:
A sustained move below 20.00 could confirm a deeper bearish correction toward the 200-day SMA.
A recovery back above the trendline and 20.38 could invalidate the bearish breakout and signal a continuation of the bullish trend.
USD/MXN's near-term direction hinges on its ability to either hold above 20.00 or reclaim the broken trendline for renewed bullish momentum.
-MW
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.