Close above would be bullish
The USDMXN has pushed back above its 100 day MA at 20.3429. The price moved above that MA yesterday, but could not sustain momentum above the level. Today is the 2nd shot.
Stay above today – and going forward – opens the upside for more corrective price action going forward with the
- high from January at 20.59625,
- the December high at 20.6596 and
- the 38.2% of the move down from the September high at 20.74758 as the next upside targets.
Getting and staying above the 100 day moving average is the 1st major target. The 2nd is the 38.2% retracement. Get above that level going forward would starts but more control in the hands of the buyers.
This article was originally published by Forexlive.com. Read the original article here.