USDMXN retests August 2019 highs

USDMXN retests August 2019 highs

Key Support: 20.10
Key Resistance: 20.45 – 20.60 – 20.90

The USDMXN has dropped 4% in the past 3 weeks and 6.92% since its March 2021 highs.

In the short term price has been dipping inside a very structured bearish move and now we are retesting the August 2019 highs. Back in August 2019 this level was a massive resistance and when it hit price dropped 8.35%.

Back in March 2020 when price finally broke with this resistance level we saw a massive bullish move of +39.30% from low to high.

this level is where we will see big buyer jump in. In order to get triggered we need a break of the current bearish structure and the DXY to start rallying from the 92.20 level retest.

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Author : Orlando Gutierrez

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