USDMXN Higher returns on going long here.
The USDMXN pair has been one of the most consistent buys in the forex market historically. In the last 6 years in particular there is a very clear Higher Lows trend-line that Supports the price and initiates major rallies when it is touched. The last contact with it was on May 30 and as expected, that caused a strong rebound. So far however it is contained within the Channel Down that started on the November 29 2021 High.
As a result, our macro strategy on this pair is to either buy after the Lower Highs trend-line of the Channel Down breaks and set a target near the 1.0 Fibonacci level or buy near the 6 year Higher Lows trend-line again and target the Lower Highs of the Channel until it breaks.
If the 6 year Higher Lows trend-line breaks though, take a sell towards the Lower Lows (bottom) trend-line of the Channel Down. Given however that the 1W RSI has its 4 year Support Zone where it just bounced last month, the chances for a bullish break-out are greater.
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As a result, our macro strategy on this pair is to either buy after the Lower Highs trend-line of the Channel Down breaks and set a target near the 1.0 Fibonacci level or buy near the 6 year Higher Lows trend-line again and target the Lower Highs of the Channel until it breaks.
If the 6 year Higher Lows trend-line breaks though, take a sell towards the Lower Lows (bottom) trend-line of the Channel Down. Given however that the 1W RSI has its 4 year Support Zone where it just bounced last month, the chances for a bullish break-out are greater.
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