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Thoughts on $USDMXN action around 17.53
Been watching $USDMXN today and it's interesting to see it pushing up against that 17.53862 level. We've seen it bounce off that general area a few times recently. I'm curious if this latest move has enough momentum to break through or if we're just setting up for another rejection. The daily range has been pretty contained so far, but that higher wick is something to keep an eye on.
My read is that if it consolidates above 17.54 on decent volume, we could see a push towards 17.60. However, a failure to hold above 17.538 and a quick drop back down to 17.50 would invalidate that immediate bullish scenario for me. What are others seeing on their charts? Any key fibs or moving averages intersecting this area?
2 comments · 1 points
It's always a gamble whether these levels hold. Seems like a lot of folks are expecting a clean break or a sharp rejection, but it could just chop around there for a while too.