USDMXN | WEEKLY FORECASTPeso follows the step of the Yuan against the Greenback!
Tendency: Downtrend ( Bearish )
Structure: Breakdown | Trendline | Support & Resistance
Observation: i. Price moves below support area @ 22.66000 affirms Breakdown structure with indications that the potential for the price to start trending downward is increasing.
ii. Price trailing the Bullish Trendline in a bid to correct Impulse leg finally breaks Trendline at 22.66000 confirming a change in direction.
iii . The second Breakdown of 22.44000 brings a level of confirmation to our bias as price nose-dives.
Trading plan: SELL confirmation with a minimum potential profit of 15,000 pips.
Risk/Reward: 1:3
Potential Duration: 3 to 10 days
NB: This speculation can be considered to make decisions on lower timeframes.
Watch this space for updates as price action is been monitored.
Nirvana! Forex
Risk Disclaimer:
Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and NFTI takes no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
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Past performance is not necessarily indicative of future results.
