EDGE Chart of the Day – USDMXN (July 15th, 2024)

The USDMXN is finding some support at the 50% retracement of the April 2024 lows to June 2024 highs at 17.6200. This is also where the 50dma resides as well. In order to complete an AB=CD move we thought the risk may be back towards 17.4800, however a move back above previous support at 17.8700 which is the June 24th lows would suggest we are ready to make a move back towards the 19.00 level.

Blake Morrow

Our EDGE “Chart of the Day” feature highlights standout technical analysis patterns and price moves. This type of analysis could be helpful if you are interested in our Trader Funding Program where you can also join an elite group of traders at Forex Analytix, click here to learn more. Trade our money, take 75% of the gains and none of the risk.