28 August USDMXN Technical Outlook: Pair is charting a bull flag


What to expect from EURGBP movements today? This 28 August USDMXN Technical Outlook from OctaFX’s analysts will provide you with necessary guidance. 

28 August, OctaFX – The USDMXN pair is charting a bull flag, a bull continuation pattern, on the technical charts. The pattern is more clearly visible on the 4-hour chart.

28 August USDMXN Technical Outlook

An upside break, that is, a move above 19.01 (flag resistance) would signal a continuation of the rally from the Aug. 8 low of 18.41 and would open up upside toward 19.98 (target as per the measured height method).

A downside break will likely embolden the bears and allow a drop to the recent low of 18.41.

4-hour chart

Spot Rate: 18.85

Daily High: 18.85

Daily Low: 18.75

Trend: Bullish

Resistance

R1: 19.01 (flag resistance)

R2: 19.27 (100-day moving average)

R3: 19.37 (Aug. 13 high)

Support

S1: 18.75 (daily low)

S2: 18.60 (previous day’s low)

S3: 18.49 (July 30 low)

Disclaimer

This article about 28 August USDMXN Technical Outlook was provided by OctaFX. It should substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.

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