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USDMXN Consolidating Below 18.50 Break Level

MXN
  • A very minor downtick for USDMXN since the data with the pair close to unchanged for the session. USDMXN continues to consolidate below the recent support level of 18.50 and the trend outlook remains bearish. Last week the pair extended below 18.40 marking the lowest level since April 2018, potentially signalling a move towards more significant support at 17.9401, the 2018 lows.
  • A key short-term resistance has been defined at 19.2906, the Feb 6 high where a break is required to threaten the downtrend and highlight a reversal. Initial resistance to watch is 18.6735, the 20-day EMA.

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