USD/MXN stands at 20.043 at the time of writing and it could resume its upwards movement. The pair has slipped lower to test and retest the immediate support levels, resistance has turned into support.
The USD could resume its appreciation if the US Building Permits and Housing Starts indicators report better than expected data later today.
USD/MXN has decreased to test and retest the descending pitchfork’s median line (ML) and the weekly R1 (20.027). Staying above these levels and making a new higher high could really indicate a potential growth towards the ascending pitchfork’s median line (ml).
Technically, its failure to test and retest the ascending pitchfork’s lower median line (lml) signaled potential growth towards the ascending pitchfork’s median line (ml).
It moves sideways in the short term trying to accumulate bullish energy before coming back higher. DXY’s further growth after the current decline helps the greenback to take full control again.
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