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USDMXN

USDMXN leads USD devaluationI like to plot USDXXX and XXXUSD against DXY or Equally Weighted USD Indices like the EWI I prefer because then you can tell if the USD is devaluing faster than the other currency of the named pair, in this case MXN. First thing I notice is the strong correlation. Even though quoted in USD a pair does not have to correlate that strong if the other currency is volatile as well. I have added a correlation coefficient (cc) indicator below the chart. Above zero means positive correlation. You can also tell from the cc indicator that USDMXN and DXY correlate positive most of the time, also called strong positive correlation. There is even some divergence between the two charts, as indicated by the disjointed angle drawing. Concluding that it is expected USDMXN to drop more than DXY, which I have indicated with the darker red arrow. General disclaimer applies....
Short
by Deep-Peat-Shark
USDMXN: Is There Someone Who Knows The Value ?Hey everyone! I hope it was a great sunny weekend for everyone of you guys. Here in Germany it was beautiful, like this setup we are looking at. Found it during my weekend trading routine. USDMXN looks super clean from now as there was bullish momentum during the last week. Forming a peak high formation now with a divergence on the RSI could indicate another bearish momentum as before. The 0.786 fibonacci level, which is not that strong by the way, was also not broken strong. This will be the first trade of next week i think. Sad It is so exotic, because i do not even know how to count the pip value of this pair haha. If you know please let me know in the comment section. See you guys next time hopefully with another video analysis from my side!
Short
by darian_fx
USDMXN Analysis Potential Short & Long PositionGood Evening Traders, #ForexFargo checking in! Today our analysis is on USDMXN. Please bare with me as I have never looked at this pair and this is my first analysis. The overall trend is Bullish indicating strong momentum. Price has rallied from Monthly Support Level @ 19.0000 to our Market Structure Level @ 19.35000. 350 Pips! Weekly Resistance Level is set @ 19.50000. Weekly Support Level is set @ 19.10000. Please refer to chart for detailed descriptions on Short & Long Positions. Happy Trading as always!
by BearishBull617
Yearly lows set in place for USDMXNHere we can look from a bird's eye view and see that this is likely still a large triangle taking place. We are testing the minimum targets of a 5 wave sequence from November highs. It is very possible that this can start forming a base at current levels since the target has been reached however extensions below come in at 18.53. The likelihood of a base forming will increase if we trade above resistance at 19.20, this will give confidence and unlock 19.47 and 20.4 for initial targets in the triangle. A very interesting cross to track over the coming Months and Quarters. Best of luck all trading it live.
Long
by ridethepig