USD/MXN Price Analysis: Finds cushion below 18.00 amid a recovery in USD Index USDMXN Fed DollarIndex ChartPatterns SupportResistance
USD/MXN has managed to recapture the critical resistance of 18.00 amid a recovery in the US Dollar.
The USD/MXN pair has extended its recovery above the potential resistance of 18.00 in the Asian session. A recovery attempt by after a nosedive move has infused some strength in the major. The USD Index has rebounded after printing a fresh weekly low of 101.20. The USD Index still needs to fulfill a lot of filters to prove a reversal.
USD/MXN is auctioning in a Descending Triangle chart pattern on a two-hour scale, which indicates a volatility contraction. The downward-sloping trendline of the aforementioned chart pattern is plotted from April 05 high at 18.40 while the horizontal support is placed from April 03 low at 17.96. The 20-period Exponential Moving Average at 18.00 is overlapping the asset, indicating a sideways performance.
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