First breaks above the 100/200 hour MAs since March 29
The USDMXN has been trending to the downside since the last major swing higher March 24. Since then, the price last traded above both the 200 and 100 hour moving average on March 29. On March 30, the price last traded/closed above its 200 hour moving average until today.
Earlier today, the near converged 100 and 200 hour moving averages were broken, then retested. When support held, that give the buyers the go-ahead to push higher. Getting above the 19.9804 to 19.9934 area (see red numbered circles), open the door for further upside over the last few hours. The next targets come near the 20.1247 to 20.1447 area (see green numbered circles) and then the 100 day moving average at 20.1995.
The buyers in the USDMXN are making a bullish play today. It is just the start. There were positive technical clues. However, there is also work to be done if the pair is to continue to climb/correct higher.
This article was originally published by Forexlive.com. Read the original article here.