USDMXN at yearly highs, up 7% this year The Mexican Peso has weakened significantly this year amid political tension and the pair is now approaching key areas of resistance from late 2018, where lies a cluster of daily candles.
We could see the wicks being filled above the 20.60 mark should this momentum continue.
USDMXN
USDMXNThis could potentially be the best pair to short USD.
Trump, may get his rate cut and ratification of a new trade agreement.
Stops have to go above recent high or above 20.
I entered at 19.879
Note price is still in uptrend therefore if you are conservative trader you can wait for price to brake at lest black trendline and get it on retracement.
USD/MXN Short IdeaLONG TERM OUTLOOK..NOT FOR TODAY PER SE..
When we study we must look on the lower timeframe and trade according to what we see on the lower time frame. Thus, this is For educational and demonstration purposes. Trade at your own risk. Fib extension confluences with lower trendline as noted.