AUDMXN trade ideas
Short-Term ReversalDescending Triangle (Bullish Reversal Sign)
into Multi-Month Support Area.
A Reversal is expected to happen.
Good Risk Reward Ratio:
SL below 14.57 (-0.2%)
TP1: 14.8 (+1.3%)
May seasonality and trade policies to favor MXN over AUD in MayTRADE OF THE MONTH FOR MAY 2020
Over the last 20 years, May has been the second worst month of the year for AUDUSD with an average drop of 1.5%, In April, AUDUSD has been on a meteoric rise based on hopes that the Chinese economy will fare better than the rest of the world. Since China is the main export destination for Australian products and Australia was (until now) hardly hit by covid, it's clear to see where that optimism came from.
On the other side of the spectrum, the MXN has dropped by 20% vs. the USD since the start of the crisis. This is a clear panic reaction resulting from the fact that most Mexican exports go to the US, which has been hit hard by Covid-19.
However, there are clear signs on the horizon that these themes are about to reverse. Numerous governments around the globe are already signaling economic retaliation agains China, especially the US and Australia. This will lead to a renewed push for manufacturers to leave China and settle elsewhere, with Mexico being a prime candidate for relocation. As this will severely impact China's economy anew, not only will imports from Australia begin to fall, but the Chinese communist party will also start retaliating against Australia - a theme also on the horizon with the Chinese ambassador to Australia already pointing out the risk in the news.
Hence from a macro perspective, my trade of the month of May 2020 is short AUDMXN from 15.6 with a target of 13.8 and a stop loss at 16.2.
AUDMXN, Australian Dollar - Mexican Peso: Falling WedgeFX_IDC:AUDMXN
Inside the great Falling Wedge is forming an additional Falling Wedge.
Should a breakout occur shortly, the conditions to follow a new trend could be verified.
AUD MXN BUY (AUSTRALIAN DOLLAR - MEXICAN PESO)Hi there. Price is forming a continuation pattern to the upside. Wait for the price to hit the bottom of the pattern and watch strong price action for buy.
AUDMXN - WATCH TOP FOR THE SELLwatch this top for the sell
SUPPORT THE MOVEMENT WITH YOUR LIKES,
COMMENTS AND FOLLOW FOR MORE
AUDMXN ShortConsolidation and flag formation is under process sell when it broke and sell in rallies with 5000 pips target.
Long AUDMXN @ 13.8045; Tp @ 14.0806, SL your choiceLong AUDMXN @ 13.8045; Tp @ 14.0806, SL your choice
AUDMXNMassive weekly Bat pattern going
wait and see, maybe a double bottom and retracement for more up (cup and handle)
Interesting pair to follow
trade you plan
