USD/MXN Price Analysis: Bullish momentum eases after finding resistance below 23.00

USD/MXN continues to move sideways around 22.50, without clear direction.
Mexican President AMLO is at the White House with US President Trump.

Matías Salord FXStreet

On Tuesday, USD/MX rallied to 22.90 that capped the upside. The mentioned level continues to be a critical level that if broken should lead to more gains, targeting 23.10.

Technical indicators are mixed with RSI turning south but price still above key moving averages in the 4-hour chart. Overall, USD/MXN continues to move sideways unable to move away from 22.50. The 55-day moving average at 23.00 is another critical area.

On the flip side 22.60 is the strong immediante support and a slide below would suggest more strength for the Mexican peso. If the decline continues 22.10/20 should offer support, favoring a rebound back to 22.50.

USD/MXN 4-hour chart

USD/MXN

Overview
Today last price	22.7764
Today Daily Change	-0.0841
Today Daily Change %	-0.37
Today daily open	22.8605

Trends
Daily SMA20	22.5704
Daily SMA50	22.8916
Daily SMA100	22.7248
Daily SMA200	20.897

Levels
Previous Daily High	22.8765
Previous Daily Low	22.2549
Previous Weekly High	23.2298
Previous Weekly Low	22.3794
Previous Monthly High	23.2298
Previous Monthly Low	21.4609
Daily Fibonacci 38.2%	22.639
Daily Fibonacci 61.8%	22.4923
Daily Pivot Point S1	22.4514
Daily Pivot Point S2	22.0424
Daily Pivot Point S3	21.8298
Daily Pivot Point R1	23.073
Daily Pivot Point R2	23.2856
Daily Pivot Point R3	23.6946

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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