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USD/MXN. The correction is close

Apr 11 2019, 08:39 PM (BDT) | OlympTrade.com

After the downward movement the US dollar tested the support level at 18,8000. Now there is a possibility for a reversal. We will use technical and fundamental analysis to predict the further price movement.

Technical features

The market is flat on 1D TF (the 200 EMA is moving sideways). On-balance Volume indicator declined.

https://www.tradingview.com/x/4dlpdRf4/

On the working 4H TF the Parabolic SAR and OBV reversed. The MACD line broke the signal line upwards. If the pair breaks the trend line upwards the first target will be 18,96691.

https://www.tradingview.com/x/uA8y4qwK/

 

Results: if the pair breaks the first target (the 18,96691 level) it will be possible to think of going long. The second target is 19,06491.

Fundamental features

The US Michigan consumer sentiment, which comes out at the end of the week is going to be the most important indicator. The forecast is 88,5 (lower than the previous reading). If the reading is higher the pair will gain momentum.

 

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