USD/MXN moves sideways in the short term. The price action has developed a triangle pattern. Escaping from this formation could announce a potential reversal. Technically, the pair could turn to the upside but the pair will be moved by the fundamental factors.
The United States Retail Sales and the Core Retail Sales data will be released later and could shake the currency market. In addition, the Unemployment Claims indicator will be published as well. Better than expected data could boost the DX, this scenario could help the USD/MXN pair to jump higher.
USD/MXN Technical Analysis!
USD/MXN drops right now but the 19.850 level is seen as strong static support. As you can see, the price has developed a triangle. A valid upside breakout from this pattern could really announce further growth in the short term.
A new higher high could activate a new leg higher. Technically, the pair could turn to the upside if it fails to make a new lower low.
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