USD/MXN Price Analysis: Mexican peso recovers losses from 13-day-old falling trendline

• USD/MXN steps back from four-day top amid bearish MACD.
• 50-day SMA, multi-day-old rising trend line offers key support.
• Another descending resistance line from early-April adds to the resistance.

USD/MXN declines to 24.33 during Wednesday’s Asian session. In doing so, the quote takes U-turn from multi-day-old falling trend line resistance

In addition to the pair’s failure to cross the near-term key resistance line, bearish MACD also favors sellers.

As a result, the quote’s pullback towards the 24.00 round-figure can’t be ruled out. However, a confluence of 50-day SMA and an ascending trend line from March 27, around 23.65/60, offers a strong challenge to the sellers afterward.

Alternatively, an upside clearance of 24.40 immediate resistance can propel USD/MXN prices towards another resistance line stretched from April 06, at 24.83 now.

USD/MXN daily chart

Trend: Pullback expected