The pair has been in a downtrend from 13.176 levels. The bears have enjoyed the downfall for almost 6 months. The pair took the support at 200 weekly Ema at 12.75 levels and moved towards the 50 weeks Sma. Though the breached the 50 weeks Sma in an intraday basis, but unable to close above that. It tried three consecutive weeks to close above that, but the bulls lost at the end of the day. The pair made a small minor double bottom at 12.90 levels and this week it started with a slightly bullish note opened lower at 12.909. Hope this week the short term trend will change to one side direction, either upside for 13.95 or lower at 12.76 levels.
The pair exactly touches the 50 days Sma at 12.9274. Currently the trading pattern is framed between 12.90-12.9274. If the pair breaches the upside, it can further move to 12.9772 and 13.0 levels. On the downside, it chops the 12.90 and can extend its fall up to 12.884 and 12.83 levels.
Sell below 12.90
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on market trends you may visit via Weekly forecast and an intraday analysis of USD/MXN for June 30-July 04, 2014 . Thanks for your support on Weekly forecast and an intraday analysis of USD/MXN for June 30-July 04, 2014
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