Technical Analysis: USD/MXN forms bullish Pennant
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USD/MXN – the value of one US Dollar in Mexican Pesos – is consolidating in what could be a kind of bullish Pennant price pattern on the 4-hour chart.
The evolution of the Pennant suggests the likelihood of further upside if it breaks higher.
Given peaks and troughs are overall rising on the chart, the trend is likely bullish in the short-term, favoring long positions.
The Relative Strength Index (RSI) has pulled back out of overbought into neutral territory, releasing the potential for more upside.
Support from the 50-day Simple Moving Average (SMA) at 16.82 is likely to put a line under further weakness.
A break above the peak of the Pennant at around 17.09 would indicate a continuation of the uptrend to the next target, possibly located at 17.17 where the 200-day SMA is situated, followed by resistance from a long-term trendline and resistance level at around 17.37.
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