USDMXN
USDMXNUSDMXN consolidating nicely and I think it breaks higher from here. Plays along with my DXY chart
USDMXN | SHORT | UPDATINGA setup for sale is coming soon. May be :-)))) Updating last USDMXN | SHORT | TRADING IDEA
Elliott Basic Wave Patterns
Long USD/MXTechnical:
USD/MXN broke out of a massive symmetrical triangle today and is retesting the top for confirmation....The Ichi cloud is providing support (not shown here in order to not make the chart too busy....run it yourself and see).
Fundamental:
With the debacle in oil prices today (WTI may futures contracts traded for negative $37, yes, negative, adn June contracts slid $4 to $20 a barrel) USD/MXN is set to soar! We are in price discovery mode right now with very little resistance overhead and no price history above $25.78. This has the potential for huge returns
FX in pivot pointIt looks like the MXN will define the direction until next week, short looks to be the best bet.
23.70 may tiger sells, 24.02 may tiger buys.
USDMXN - SHORTAfter higher time frame completion of bullish flag pattern and a strong push to the upside we are witnessing a bearish flag pattern entry taken on third touch.
Global USD valueStrength of USD versus currencies of EU, Japan, China, India, Russia, Mexico, Brasil, Saudi Arabia, Turkey, South Korea.
There had been a cosmic demand for dollar but as COVID hit USA from April 6 we saw a breakdown.
Now we are at major support, on the monthly balance point, from which a push up is likely but not guaranteed.
The area between CAMS1 and CAMR1 is regarded as neutral market.
A break above those levels will establish a bear or bull market.
Demark trendline needs to connect 2 corresponding TD N points. While here we see disproportion (bottom TD point is only N1) so I dont give much credence to that trendline.
If both USD and EUR will keep falling we will see a range on EURUSD.
The question is which one will fall faster. But now we see a pivot stop on USD fall but EUR is likely to keep falling on Monday as it is below April value zone.
Global EURO value index (see my previous post) started to exhibit great daily instability since early March (each days candle has long wigs either way).
I excluded CAD as its economy is much intercorporated with the US one and GBP, CHF being a EURO clones. But still inclusion of those doesnt change the picture much.
Post-breakout pullback into FIB zoneI have been taking a look into dollar index and a strong push up is very likely next 2 weeks,
considering all the conditions of what happened:
1. Breakout of descending daily supply trendline (breakout candle - strong bullish, second post breakout candle strong bullish)
2. Trendline breakout retested (important factor: price stayed above the trendline after the retest - uptrending confirmed)
3. Classic pullback into Fib zone (50-61) and retest of last month roof R4 (March breakout level).
4. Demark breakout slingshot projection gives target near April R4 confirming the breakout and April camarilla levels. Also, April resistance CAMR3 coincides with 78 fib level.
In the Fib zone we do have untested missed monthly pivot - the question is if price is gonna test it? But then again - missed pivots mark the starts of strong trends.
At any case, push back under the trendline does not make much sense.
USDMXN EDITEDTAL VEZ ESTABA VIENDO EL CANAL CON OTROS OJOS, ESPERAMOS QUE LA VELA DIARIA TERMINE Y SI SE MANTIENE EN EL CANAL POSIBLEMENTE PODREMOS BUSCAR ACCION DE PRECIO Y ENTRAR EN LONG HASTA LA PARTE SUPERIOR DEL CANAL .
LA ECONOMIA DE USA ES DEBIL SI, PERO LA DE MEXICO ES AUN MAS DEBIL, Y EL USD SIGUE SIENDO "LA CAMISA MAS LIMPIA DEL CANASTO" COMO ALGUNOS DICEN, DENTRO DE TODO ES UNA ECONOMIA FUERTE Y HA BAJADO SUS TASAS AUN MAS PARA SOPORTAR LA CRISIS.
USD/MXN POSSIBLE HEAD AND SHOULDER SHORT ??USD/MXN POSSIBLE HEAD AND SHOULDER CONTINUATION DOWN TREND ???
USDMXN LongUSDMXN simple flag pattern.. Rejected the bottom of the flag.
Will update as the trade plays out
