UsdMex to short,looks like a nice chart to go shortHello fellow traders , my regular and new friends!
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Trend looks set ,watching for oppo so short
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The analysis shared through this channel are purely for educational and entertainment purposes only. They are by no means professional advice for individual/s to enter trades for investment or trading purposes.
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Usdmex
USDMXN - Peso technical viewUSDMXN - Peso trade idea.
Technical View
Pattern - Triple Bottom
Support - 19.93810, 19.85110, 19.81000
Resistance - 20.09215, 20.21170, 20.31620
50 EMA - key support zone
200 EMA - Key Resistance zone
EM Currency pair - PESO yields had a nice move... We could extend further to 1.618 area!
Key tip: Trade your own trade plan for further confidence
Trade Journal
Just a trade idea, not a recommendation
USDMEX - Elliot Wave Analysis - Wave b//Elliot Wave Analysis//
USDMEX is finishing wave a and moving into wave b.
//Sentiment Analysis//
18DEC2020 COT Report indicates a shift in sentiment with an increase of 21,641 short contracts, bringing the net position of non-commercial traders to -3,227.
//Price Action//
Price could push down towards the end of wave 4 at 17.44984, but no further. If the price closes beyond that then the wave count is invalid.
USDMXN - Mexican Peso RecoversDuring the trading session on Monday and Tuesday the Mexican peso has recovered.
I expect the US Congress will pass the U.S.-Mexico-Canada Agreement in a few weeks. That should help the Mexican Peso to break the support 19.5 (Green Line). I also expect the trade between the United States and China to come down before the US elections. It is important to notice that the USDMXN price is in a triangle since last year. If there is good news from Mexico, we could finally break the triangle to the downside.
On the other hand, Trump could threat Mexico again with bad comments just as he did in 2016, especially during this time (elections in 2020), making the Mexican peso weak.
Thanks for reading!
USDMXN - Buy Mexican Peso!After Mexico and the USA reached a deal to curb migration and avoid tariffs on Mexican imports, the Mexican peso strengthened around 2 percent against the dollar during the Asian trading. I expect the USDMXN to go lower during the American trade session as well. In the long run, I still believe USDMXN will go lower than 18.90 if there are no more conflicts between the USA and Mexico. However, Trump could threat Mexico again with tariffs as a weapon to get fast results from Mexico, especially during this time (elections in 2020), making the Mexican peso weak.
The immediate support is the 18.9 area (blue line). If we break that support, we could go to the second strong support at 18.75 and then lower.
It is important to notice that the USDMXN price is in a triangle since last year. If there is good news from Mexico, we could finally break the triangle to the downside.
Thanks for reading!
USD/MXN jumps to 5-week highs above 19.40The next target is seen around 19.45/50. The mentioned area could limit the upside, but if it continues to rise on top, 19.75 is the next strong resistance.
After a pullback to the 19.20 area, the USD/MXN resumed the upside, and it reached at 19.42, the highest level since January 8. It is holding near the top with a bullish tone.
USD/MEX Swing reminderUMEX is currently breaking the trend line. It is in the zone. Notice that the .764 extension breaks previous high. We It is in a strong uptrend currently but can reverse at any time really looking at the price action. I marked some potential levels for limits and targets. This is a weekly swing. The idea would be to get a correction breaking trend line. If it follows this path, then we should get another nice buy in the future.