USDMXN
We meet againLast week I attempted to short the usd/mxn and it didn't work out to say the least. This week I am back for more. The trend is still bearish and we are still below the midpoint of the range (rectangle). Selling here or higher with a stop above todays high at 20.4000. Hopefully the spike up marked the top and there will be continuation to the downside over the coming days and weeks. Ideally I would love to see the pair revisit the lows near 19.5000
USD/MXN is going to the gulag... (19.00-19.50 SHORT)The dollar has been on a monthly & weekly bearish downtrend following the cap thrown from both sides of the latest elections, added to new doubts surrounding the now president Joe Biden. Within his first months we have seen a substantial amount of executive orders, however we have yet to see uncle joe help the homies out with the stimulus checks they are in desperate need of. Without this to stimulate the economy, followed by the measly Q4 GDP report TBA this Thursday, I believe the peso will gain that strength. This geopolitical analysis also coincides with the A1 technicals ya boy is putting on full display.
As we can see, both in the DAILY as well as the WEEKLY, the pair has broken off a bigger descending channel into a smaller one. Both however have displayed key levels of resistance & support, with the 20.30 4H resistance just above the trendline being touched for juss a lil bit (50 cent voice) yesterday around 2AM CT, before melting back down & closing at the next 4H resistance just inside the upper side of the trendline at 20.10. If the pair manages to close below 20.00, a strong monthly resistance level, 19.80 - 19.60 - and lastly 19.50 would be valid daily levels of support where we could get to the BAGS. (YE$$IRRR)
2021 will be the year of luitrades to take over the USD/MXN pair, it is the only pair I have put consistent analysis into and I plan to share my outlook for the community to see on full display. This will serve as the mixtape before I get signed to a major label. The come up has begun.
9 Trade Plans from Today's Live StreamQuick Video recapping all trade plans from the earlier live stream
TRADE PLANS INCLUDE:
EURUSD
XAUUSD
USDCHF
GBPJPY
USDCAD
USDZAR
EURAUD
USDMXN
CADJPY
----------------------------------
Please don't forget to FOLLOW, LIKE, and COMMENT ...
If you like my analysis:)
Trade Safe - Trade Well
Regards,
Michael Harding 😎 Chief Technical Strategist @ LEFTURN Inc.
RISK DISCLAIMER
Information and opinions contained with this post are for educational purposes and do not constitute trading recommendations. Trading Forex on margin carries a high level of risk and may not be suitable for all investors. Before deciding to invest in Forex you should consider your knowledge, investment objectives, and your risk appetite. Only trade/invest with funds you can afford to lose.
Is USDMXN heading to $19.50 ??? After observing price is finding resistance at $20.00, and Stochastic indicator is at a level of 92 (pverbought), price might move downward to a lower low, probably $19.50
I am personally entering a short position
STOP LOSS $20.02
TARGET 1: $19.70
TARGET 2: $19.60
TARGET 3: $19.50
Not financial advice, do your own research...
Mobile (on the go) analysis I was asked to put together and analysis for this pair. I am pleased to see some strong support and resistance in play creating positive trade sentiment.
A rejection at current resistance at market open will sentiment towards a bottom support retest at 19.53400.
A break through resistance at market open will continue to make attempts for breaks through 20.19600 and 20.66400. If this occurs a huge momentum towards 22.00000 will be in play.
MACD/SIGNAL cross in play and heading for 0 line. RSI dropping out of overbought zone.
Pay close attention to payouts at support and resistance mapped.
Again this is on my mobile phone so my apologies for the charting.
Please comment with thoughts and ideas. Thank you
BUY USD/MXN 1W TIME FRAME (BUY HOLD). Placing a buy position on USD/MXN
Due to rises in COVID cases and new strains of COVID weighing in on Mexican PESO.
The Mexican Peso remains vulnerable to a risk-off move, meaning the US Dollar will be picking up safe haven momentum. If this occurs, I would look for a break above 20.50 to start considering price reversal, with a close above the 21.00 line as a confirmation of short-term bullish bias.
Risk/Reward
Please send comment with feedback.
#BLESSESPIPS
USDMXN potential bottom reloadedSo USDMXN is respecting both the 19.61 level and the purple downtrend line. A lot of touches on the trend line (red circles drawn) and rejections. We are looking for a break on this trendline as a first signal of reversal. Below 19.61 we have 19.03 and 18.55 but we don't think it goes there.
Similar fractal from when it climbed from 18.55 to 26, we were following a descending triangle that actually broke to the bottom before reversing hard. The market does what the market wants to do.
Mexican standoff USD/MXN has been in a range since early December but I think its getting ready to breakout to the downside. As long as price stays below 20.0000, I could see a move all the way down to 18.5000 near the pre covid lows. I think the FED has been clear about its policy and any reflation should positive for the peso. The move in crude oil should also be a tailwind.
LONG POSITION USDMXN UPTDAYSix days ago I published a idea about a long position in USDMXN, and now the price is in our entry, it is possible a new entry in 15 min (entry after entry).
USD/MXN & USD/ZAR - Short Sell Trend Analysis In this video, we look at the U.S Dollar's current strength against the Mexican peso and South African Rand being caused by rising U.S Government 10 Year Bond Yields.
The trends remain firmly in play for more dollar weakness, and potentially additional selling opportunities for both currency pairs.
There is a possibility of the beginning an uptrend in USDMXNMidterm forecast:
While the price is above the support 19.5970 , beginning of uptrend is expected.
If the support at 19.5970 is broken, the short-term forecast -beginning of uptrend- will be invalid.
Technical analysis:
Price is below WEMA21, if price rises more, this line can act as dynamic resistance against more gains.
Relative strength index (RSI) is 37.
❤️ If you find this helpful and want more FREE forecasts in TradingView
. . . . . Please show your support back,
. . . . . . . . Hit the 👍 LIKE button,
. . . . . . . . . . Drop some feedback below in the comment!
❤️ Your Support is very much 🙏 appreciated! ❤️
💎 Want us to help you become a better Forex trader ?
Now, It's your turn !
Be sure to leave a comment let us know how you see this opportunity and forecast.
Trade well, ❤️
ForecastCity English Support Team ❤️
There is a possibility of the beginning an uptrend in USDMXNMidterm forecast:
While the price is above the support 19.5970 , beginning of uptrend is expected.
If the support at 19.5970 is broken, the short-term forecast -beginning of uptrend- will be invalid.
Technical analysis:
Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses.
Relative strength index (RSI) is 48.
❤️ If you find this helpful and want more FREE forecasts in TradingView
. . . . . Please show your support back,
. . . . . . . . Hit the 👍 LIKE button,
. . . . . . . . . . Drop some feedback below in the comment!
❤️ Your Support is very much 🙏 appreciated! ❤️
💎 Want us to help you become a better Forex trader ?
Now, It's your turn !
Be sure to leave a comment let us know how you see this opportunity and forecast.
Trade well, ❤️
ForecastCity English Support Team ❤️
USDMXN potential bottomUSDMXN has been in a deep move down and now has a what might become a potential bottom. Breaking the trendline (points where it tested are circled in red) would be a good signal...looks like the trendline with the fib line (orange horizontal line) might be the intersect, around 20.25.
By breaking, we would like to see a daily break and ideally a weekly break above.
USDMXN, USD remain weaker against Mexican PesoAccording to 28th USA opening session, USD is encountered as bearish and in upcoming trading sessions we expect that USD will remain weaker against Mexican Peso.
Meanwhile if we see the the graph technically, the price is rejected from a resistance which shows the negative pressure valid.
If you like this idea like and do comment if you have any query.
