The USD/MXN is trading near important resistance as speculators consider rather intriguing technical potentials.

On the 19^th of August the USD/MXN was trading near the 20.27000 ratio which essentially came within sight of resistance, with higher marks achieved in the first week of August. By the 25^th of August the USD/MXN had produced a selloff which returned the forex pair to its lower values as the mark of 19.85000 was tested.

But as speculators know, the end of last week witnessed U.S Fed Chairman Powell outline his thoughts for more interest rate hikes to come, and the USD/MXN turned higher with a relatively swift momentum. As of this morning the USD/MXN is traversing important near term resistance and is currently trading near the 20.12700 level. Technical traders are likely eyeing the 20.13500 area as a place to make a decision about potentially stronger buying to occur which could target the marks seen one week ago.

Range has been Strong and may continue to Produce Opportunities in the USD/MXN

Yes, the USD/MXN reflected the broad Forex results as the USD got stronger this past Friday. Technical traders may be inclined to believe that the USD/MXN has produced a rather intriguing price range the past few months and look at its results and wonder if the higher price momentum can be sustained. In July the USD/MXN traded momentarily above the 21.00000 level. As recently as the 2^nd of August the USD/MXN was near the 20.81000 ratio.

August’s Tranquility is Likely to become a Rather Distant Memory Soon in the USD/MXN

Nervous behavioral sentiment appears to be growing, and this week may produce additional choppy trading as financial houses brace for the end of summer and renewed questions about the global economic outlook.  Yes the price of Crude Oil within its higher price range if maintained is likely to serve as a solid anchor of value for the Mexican Peso, but questions about the U.S Federal Reserve and its interest rate will rock the boat.

• The potential for a higher move with the USD/MXN should be considered if current near term resistance around the 20.140000 is broken higher and sustained.
• Traders should be prepared for choppy conditions if technical reactions to higher moves are generated.

The USD/MXN could find itself testing a higher range from 20.20000 to 20.40000 if buying momentum flourishes in the coming days. Trading may prove to be nervous in the coming days as speculators adjust their decisions to financial houses which seek equilibrium.  Risk management will be crucial in the short term. If a trader buys on lower price action near current support around the 20.10000 mark and looks for quick hitting upside wagers they cannot be blamed short term.

USD/MXN Short Term Outlook:

Current Resistance: 20.16400

Current Support: 20.09800

High Target: 20.34000

Low Target: 19.98700

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AVAX/USD has seen its value slide in early trading this morning, as the cryptocurrency fell through the key support and continued to stumble.

As of this writing, AVAX/USD is trading below the 26.00000000 value and its slide lower was intense after breaking 27.00 USD. Nervous trading in the broad cryptocurrency market is widespread. Avalanche has not been able to produce a legitimate reversal higher and the inability of AVAX/USD to fight its way off of support level may be troubling for speculators who are concerned about what will happen next.

Intriguingly AVAX/USD has not broken through early August 2021 values with a sustained penetration yet. The reason why this may be technically important is because many of the other major cryptocurrencies have pushed lower than their prices seen in August of 2021. AVAX/USD is still fighting these values, but this morning’s trading results shows that Avalanche may be fragile. If AVAX/USD falls below these August 2021 prices it could set off alarm bells among its backers.

If price velocity remains high in AVAX/USD and its values continue to challenge support levels, another stronger sell off may be demonstrated.  Behavioral sentiment in the cryptocurrency market is nervous and speculative buyers appear in short supply still. If AVAX/USD doesn’t reverse higher and is not able to maintain a price above the 26.00000000 this could be viewed as a negative signal.

On the 23^rd of May, AVAX/USD was able to trade near the 33.00000000 juncture, but since then Avalanche incremental selling has continued to break through support levels. Yesterday’s trading took AVAX/USD lower and when the 27.00000000 mark began to be flirted with choppy trading ensued. When this value was broken lower this morning, the price of Avalanche did see increased trading volume.

The low seen early today was around the 25.65000000 level, and if this level should come into sight again and actually falter, another round of violent selling could ensue. AVAX/USD is trading within rather weak territory. If a contrarian bullish trader believes Avalanche has been oversold and is looking for slight speculative moves higher, they should use strict stop losses in case the market goes against their wagers.

Speculators who remain skeptical about the current value of AVAX/USD in the short term may want to remain sellers. Conservative traders should use existing nearby support levels as their ignition points to look for reversals lower. Trading in AVAX/USD has been volatile this morning and this may continue throughout the day.

Avalanche Short-Term Outlook

Current Resistance: 26.75000000

Current Support: 25.25000000

High Target: 28.96000000

Low Target: 18.68000000

SOL/USD is within sight of highs recently made, but the incremental gains attained by Solana remain under the shadow of speculative unease.

SOL/USD is trading above 56.0000 as of this morning, and Solana was able to trade above 57.0000 earlier in the day. On the 12^th of May during the cryptocurrency crash, SOL/USD went below the 37.0000 ratio. To put things into even better volatile speculative perspective, SOL/USD was trading above 143.0000 on the 2^nd of April. Thus, as of this morning Solana is trading roughly at 2/3’s less than its value one and a half month ago.

However, since hitting the low water mark during the broad cryptocurrency market bedlam displayed last week, SOL/USD has produced a rather polite incremental climb higher. Two days ago Solana traded above the 59.0000 price level, and for the moment this mark seems to be a rather high target for speculators who may be interested in trying to aim for this ratio as a take profit goal. However, while the broad cryptocurrency market remains nervous, traders will likely remain rather jittery about pursuing price ambitions which may seem too far away.

SOL/USD has the capability of trading fast and changes of value by one USD can develop fast.  Under the present market conditions speculators are urged to use entry price orders to pursue their wagers. While trading for the moment has the feel of a rather tranquil setting, this may prove to be rather temporary.

The recent climb of SOL/USD in the past few days may also lead to skeptics believing that Solana has produced a little too much optimism among buyers. If the level of 55.5500 begins to see a challenge below, traders who want to wager on selling positions may believe the 55.0000 price is a legitimate target. If this ratio falters and the price of SOL/USD begins to demonstrate velocity within a bearish trend, technical traders may believe the 51.6000 level is a support ratio which could be tested.

The fast trading conditions which overtook SOL/USD have become more tranquil for the moment.  However traders should not be lulled to sleep by the quiet atmosphere currently being seen. If the broad cryptocurrency market begins to produce nervous selling again, SOL/USD could certainly see lower prices challenged quickly. In the short term it appears SOL/USD may be traversing near resistance levels which could prove to be durable, and short sellers may want to wager on downside motion.

Solana Short-Term Outlook

Current Resistance: 57.7800

Current Support: 55.1300

High Target: 60.3200

Low Target: 49.7400