USD/MXN: Testing Key Resistance Zone at 20.80
Chart Analysis:
The USD/MXN pair has approached the critical resistance level at 20.80, which has been a notable ceiling for price action in the past. The bullish momentum is evident, but further confirmation is required for a potential breakout.
1️⃣ Resistance Test:
The 20.80 level has acted as a strong resistance historically. A breakout above this zone could pave the way for further gains toward the 21.00 psychological level.
2️⃣ Moving Averages:
50-day SMA (blue): Positioned at 20.25, providing immediate dynamic support for the short-term trend.
200-day SMA (red): At 18.74, reinforcing the broader bullish outlook with price trading significantly above it.
3️⃣ Momentum Indicators:
RSI: At 60.50, edging toward overbought territory but still indicating room for further upside.
MACD: Positive and rising, supporting the bullish momentum with no clear signs of divergence.
What to Watch:
A confirmed daily close above 20.80 could signal the continuation of the uptrend, targeting 21.00–21.20 as the next resistance zone.
Conversely, failure to break above 20.80 could result in a pullback toward the 20.25–20.00 support zone, aligning with the 50-day SMA.
USD/MXN remains bullish, with price action focused on a critical resistance zone. Traders should watch for confirmation of a breakout or a potential rejection.
-MW
The USD/MXN pair has approached the critical resistance level at 20.80, which has been a notable ceiling for price action in the past. The bullish momentum is evident, but further confirmation is required for a potential breakout.
1️⃣ Resistance Test:
The 20.80 level has acted as a strong resistance historically. A breakout above this zone could pave the way for further gains toward the 21.00 psychological level.
2️⃣ Moving Averages:
50-day SMA (blue): Positioned at 20.25, providing immediate dynamic support for the short-term trend.
200-day SMA (red): At 18.74, reinforcing the broader bullish outlook with price trading significantly above it.
3️⃣ Momentum Indicators:
RSI: At 60.50, edging toward overbought territory but still indicating room for further upside.
MACD: Positive and rising, supporting the bullish momentum with no clear signs of divergence.
What to Watch:
A confirmed daily close above 20.80 could signal the continuation of the uptrend, targeting 21.00–21.20 as the next resistance zone.
Conversely, failure to break above 20.80 could result in a pullback toward the 20.25–20.00 support zone, aligning with the 50-day SMA.
USD/MXN remains bullish, with price action focused on a critical resistance zone. Traders should watch for confirmation of a breakout or a potential rejection.
-MW
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