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Mexican Peso/US Dollar

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MXNUSD trade ideas

USD/MXNUSD INDEX Statistics SPECULATORS | COMMERCIALS – Percent of OI Longs: 80.5 | 3.1 – Percent of OI Shorts: 11.8 | 80.6 – Net Position: 35879 | -40442 – Gross Longs: 42010 | 1634 – Gross Shorts: 6131 | 42076 – COT Index Reading: Extreme Bullish | Extreme Bearish Scenario A: Wait for the bears market to turn into a bull market following the major trend, along with testing of the rejection zone. Scenario B: Bears could slight break rejection zone testing 20.874 Scenario C: Breakout from the rejection zone and continue the downwards movement (Invalid analysis). Recommendation: Let the price at least test the rejection zone and FAIL before looking for a longing opportunity
Long
by UnknownUnicorn28795659
USD/MXN: Movement Lower Trades Near Important Support LevelsThe USD/MXN has experienced a volatile trading range the past handful of days in the wake of the Omicron coronavirus news. After touching a high water mark of nearly 22.16000 on the 26th of November, the USD/MXN has seen selling and a low of 21.11000 approximately was tested yesterday. A reversal upwards was demonstrated after Wednesday’s lowest depths, and the high for yesterday was displayed near the 21.51000 mark afterwards. However, after hitting this high and seemingly running into a strong amount of headwinds, the USD/MXN did turn lower again and the Forex pair is currently trading slightly below the 21.40000 level. The global Forex market continues to exhibit choppy conditions as financial houses try to achieve a calmer trading landscape, but it is likely the next couple of days will continue to remain rather challenging. Intriguingly, the USD/MXN did test important support ratios when its low of 21.11000 was made. The USD/MXN was also trading near this juncture on the 23rd and 24th of November, which was before the Omicron news caused a hysterical reaction in the markets. The notion that this level was acting like support before the outbreak of recent headlines suggest the juncture of 21.11000 may be seen as an important inflection point. Traders may believe this level could be tested again in the near term, and use it as a potential target if they are selling the USD/MXN. However, it should be pointed out that the 21.11000 mark is actually a distance away from the current price of the USD/MXN. Short-term traders may produce solid results speculatively if they wager on selling action when current resistance levels come into sight, and then aim for nearby support around the 21.32000 to 21.29000 marks. Volatility is likely to remain a staple of USD/MXN trading in the short-term and traders should certainly not be over confident. Bullish traders looking for more upside to develop should also practice caution. Waiting for support levels to be touched and then igniting buying positions may prove to be worthwhile, but like all Forex traders under the present conditions, they are advised not to be overly ambitious. Focusing on the short term for all traders over the next couple of days, may prove to be a healthy trait which helps limit exposure to potentially volatile moves in the USD/MXN. Mexican Peso Short-Term Outlook Current Resistance: 21.41000 Current Support: 21.28000 High Target: 21.53000 Low Target: 21.12000
by SmoothJB
USDMXN MarkupThe news of Omnicorn variant emerging in South Africa caused many countries close their borders and other African travel, which has impacted the price of Crude Oil on fears of lesser demand, of which Mexico is a major exporter, leading to the peso to to a new 1-year high price. Unless it is quickly discovered that the omicron variant should not be as problematic as feared, it is hard to see how Crude Oil and henceforth the Mexican peso will not make a further sharp fall over the course of this week. I could see rejection on the .382 or .5 then push to the downside
Short
by andrewmankarios1