USD/MXN Technical Analysis: Short-term broadening wedge, risks titled to the downside

The Mexican peso outperformed today after financial markets have positively received the 2019 budget.
The USD/MXN is moving in a broadening wedge in the short-term, at the moment with a bearish bias that could point to a test of the lower limit. A consolidation significantly below 19.95 would open the doors to an extension of the bearish correction, targeting 19.60/70.
To the upside, resistance levels are seen at 20.40 and then 20.70. A close above the last one would expose 2018 highs at 20.95/21.00.

Matías Salord FXStreet

USD/MXN 4-hour chart

USD/MXN Weekly chart

USD/MXN

Overview:
    Today Last Price: 20.1106
    Today Daily change %: -0.651%
    Today Daily Open: 20.2423
Trends:
    Previous Daily SMA20: 20.3407
    Previous Daily SMA50: 19.9191
    Previous Daily SMA100: 19.4117
    Previous Daily SMA200: 19.3054
Levels:
    Previous Daily High: 20.5312
    Previous Daily Low: 20.1981
    Previous Weekly High: 20.5312
    Previous Weekly Low: 19.9874
    Previous Monthly High: 20.6355
    Previous Monthly Low: 19.576
    Previous Daily Fibonacci 38.2%: 20.3254
    Previous Daily Fibonacci 61.8%: 20.404
    Previous Daily Pivot Point S1: 20.1165
    Previous Daily Pivot Point S2: 19.9907
    Previous Daily Pivot Point S3: 19.7834
    Previous Daily Pivot Point R1: 20.4497
    Previous Daily Pivot Point R2: 20.657
    Previous Daily Pivot Point R3: 20.7828

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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