- USD/MXN might discover resistance around the 38.2% Fibonacci retracement at 17.43.
- MACD shows a shift towards bullish momentum for the set.
- The 21-day EMA at 17.04 lined up with the mental level at 17.00 might function as a crucial assistance area.
USD/MXN continues to make headway for the 3rd successive session on Wednesday, trading greater around 17.25 throughout the European session followed by the instant resistance level around the 38.2% Fibonacci retracement at 17.43.
The 14-day Relative Strength Index (RSI), a momentum oscillator that determines the speed and modification of rate motions is placed above the 50 mark, suggesting the bullish momentum for the USD/MXN set.
In addition, Additionally, the delayed sign “Moving Average Convergence Divergence (MACD)” lies listed below the centerline however reveals divergence above the signal line, which recommends a prospective shift in momentum towards an upward pattern.
An advancement above the Fibonacci retracement level might affect the USD/MXN set to evaluate the significant level at 17.50 lined up with December’s high at 17.56. if the set goes beyond the latter, it might check out the mental area around the 18.00 level.
On the disadvantage, the 21-day Exponential Moving Average (EMA) at 17.04 might serve as a crucial assistance level in combination with mental assistance at 17.00. A break listed below the latter might affect the bears of the USD/MXN set to review the weekly low at 16.84 level.
USD/MXN: Daily Chart
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