empty
21.09.2023 05:46 PM
USD/MXN Confirms the Breakout

The USD/MXN pair retreated a little and now is located at 17.163 at the time of writing. After its amazing rally, a temporary retreat was natural. The rate could test and retest the immediate support levels before jumping higher. The Dollar Index current retreat forced the currency pair to slip lower.

The greenback retreated after the US data publication. Unemployment Claims came in at 201K versus 224K expected, CB Leading Index reported only a 0.4% drop versus the 0.5% drop estimated, while Current Account was reported at -212B versus -220B forecasted. On the other hand, the Existing Home Sales and Philly Fed Manufacturing Index disappointed.

Tomorrow, the BOJ and the manufacturing and services data should shake the price. Positive US data should lift the greenback.

USD/MXN Temporary Retreat

This image is no longer relevant

USD/MXN failed to stay below the median line (ml) and now it has jumped above the downtrend line. It has found resistance at the weekly pivot point of 17.238, and now it tries to retest the broken downtrend line and the 17.146.

Technically, the rate tries to attract more bullish energy before jumping higher. Stabilizing above the 17.146 and above the downtrend line could announce a new bullish momentum.

USD/MXN Forecast

Testing and retesting the broken level as well as registering only false breakdowns could announce a new rally. Still, only a new higher high, a bullish closure above the pivot point of 17.238 activates further growth. This scenario is seen as a buying opportunity.

Ralph Shedler,
Analytical expert of InstaForex
© 2007-2025
Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

USD/JPY: Simple Trading Tips for Beginner Traders on March 18. Review of Yesterday's Forex Trades

The price test at 148.64 came when the MACD indicator started moving upward from the zero mark, confirming the correct entry point to buy the dollar. As a result

Jakub Novak 08:00 2025-03-18 UTC+2

GBP/USD: Simple Trading Tips for Beginner Traders on March 18. Review of Yesterday's Forex Trades

The price test at 1.2989 came when the MACD indicator had already moved significantly from the zero mark, limiting the pair's upward potential. For this reason

Jakub Novak 08:00 2025-03-18 UTC+2

EUR/USD: Simple Trading Tips for Beginner Traders on March 18. Review of Yesterday's Forex Trades

The price test at 1.0893 occurred when the MACD indicator began moving down from the zero mark, confirming a valid entry point for selling the euro. However, losses were recorded

Jakub Novak 08:00 2025-03-18 UTC+2

Intraday Strategies for Beginner Traders on March 18

The euro and the pound continue to rise despite all the desperate attempts by sellers of risk assets to achieve at least some reasonable correction at the beginning

Miroslaw Bawulski 06:52 2025-03-18 UTC+2

USD/JPY: Simple Trading Tips for Beginner Traders – March 17th (U.S. Session)

The test of the 148.68 level occurred when the MACD indicator had already moved significantly downward from the zero mark, limiting the pair's downward potential. For this reason

Jakub Novak 17:32 2025-03-17 UTC+2

GBP/USD: Simple Trading Tips for Beginner Traders – March 17th (U.S. Session)

The test of the 1.2941 level occurred when the MACD indicator had just started moving upward from the zero mark, confirming a valid entry point. As a result, the pair

Jakub Novak 17:27 2025-03-17 UTC+2

EUR/USD: Simple Trading Tips for Beginner Traders – March 17th (U.S. Session)

The test of the 1.0873 level occurred when the MACD indicator had just started moving downward from the zero mark, confirming a valid entry point for selling. However, the expected

Jakub Novak 17:23 2025-03-17 UTC+2

USD/JPY: Simple Trading Tips for Beginner Traders on March 17. Review of Yesterday's Forex Trades

The price test at 148.63 occurred when the MACD indicator had already moved significantly downward from the zero mark, which limited the pair's downside potential. For this reason

Jakub Novak 08:04 2025-03-17 UTC+2

GBP/USD: Simple Trading Tips for Beginner Traders on March 17. Review of Yesterday's Forex Trades

The price test at 1.2931 occurred when the MACD indicator moved significantly downward from the zero mark, limiting the pair's downside potential. For this reason, I did not sell

Jakub Novak 08:03 2025-03-17 UTC+2

EUR/USD: Simple Trading Tips for Beginner Traders on March 17. Review of Yesterday's Forex Trades

The price test at 1.0887 occurred when the MACD indicator had just started moving downward from the zero mark, confirming the correct entry point for selling the euro

Jakub Novak 08:03 2025-03-17 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.