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.
we are at a demand level on the daily, banks are coming to pick up unfiled orders
From our chart, we can currently see that price level for USDMXN is at the 161.8% fib level. We can see that this movement act as a retest to the trend support level (dotted line) with a potential to see price moving to the upside. Price level is also consolidating near the support @19.8000 price level. I am expecting strong support pressure here and will see it...
After entering at $19.70, now it is time to look for a long term target. Hopefully this is just the start of WAVE 3, that could move price upward to $31 pesos per USD Good luck !
Final wave to the downside is getting completed after trapping so many buyers in, watch price action for long, wait for a proper bullish candle on 1h chart and add in corrections (bullish flags) Good luck everyone
Historically (past 6 years) price has bounced at EMA (200 weekly), Stochastics is at very low Hopefully this time can do it again
Real-Time Algorithmic Trading Signals. Stay curious
All the entries should be applied if all the rules of trade are applied comment us for detail view and understanding
My analysis is a simple levels and trend. As the price is going down it has respected every level so far and it should continue down doing so.
The 21 zone is strong support for UsdMxn and also the drop from 21.80 is contained in a falling wedge pattern I strongly believe that 21 will hold and a break above the descending trend-line of the wedge would accelerate losses for Mexican Peso. A buy trade for this pair could have a 1:3 R:R
Heading to $20.00
Real-Time Algorithmic Trading Signals. Stay curious
Hello traders US dollar is getting stronger against "peso mexicano" after the 7 month decline the started April 6 2020. On September 22 2020 price broke above "7 month bearish trendline" indicating buyers are under control. This in my Wave count