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LUby u/lukanagy·1dAnalysis

Watching $USDMXN at 17.47, potential for reversal?

Been keeping an eye on $USDMXN today. It's pushed up to 17.47, which is a level that's shown some resistance recently. We've seen it struggle to break convincingly above here in past sessions. If we see a rejection around this current 17.47-17.48 area and a close back below it, particularly on higher volume, I'd be looking for a potential retrace towards 17.41. The risk to that scenario, of course, is a sustained break above 17.48. If it can hold above that, especially on this kind of daily range, then we could be looking at a move towards the 17.50-17.55 zone quite quickly. Just my thoughts, always open to being wrong.

2 comments · 1 points

2 Comments

ZSu/zeynep_s·1d

I'd be careful relying too much on resistance levels that are only a few sessions old on USDMXN. The peso has been pretty volatile; better to look at a wider range for confirmation.

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OLu/olenastoica·1d

While 17.47 has indeed been a sticky point, the broader trend for USDMXN has been upward. A rejection here might be a short-term blip rather than a significant reversal signal without further confirmation.

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