MXNUSD trade ideas
Small update on USDMXNtrade the ranges!
if it goes up dont wait for a pullback to go in, follow price
USDMXN LONG...The Mexican peso was trading slightly higher on Tuesday after a six-year losing streak that took it to its weakest level since early November, as the market is closely following the discussion in Congress of a controversial electricity reform bill.
The MXN= currency was trading at 20.6690 per dollar, up 0.22% from 20.7140 at Monday's Reuters reference price. In the past six sessions, the peso accumulated a loss of 4.1%.
President Andres Manuel Lopez Obrador's initiative to modify the electricity industry law, which favors state-owned generator CFE , advanced on Friday in a key commission of the Chamber of Deputies. Mexico (...) with attention focused on the discussion process of the reform to the Electricity Industry Law, which will be presented today in the plenary of the Chamber of Deputies," Banorte (MX:GFNORTEO) said in a report.
Meanwhile, the dollar rebounded from six-week lows as investors' attention focused on how Federal Reserve Chairman Jerome Powell might respond to expectations of accelerating U.S. inflation.
Comments
USDMXN Look for bullish continuation
Hi traders:
Looking at USDMXN here for USD strength to come in.
WE see price has been in this parallel channel structure for quiet sometimes now,.
LTF had a initial push up, follow by a correction to breakout of the HTF channel.
Now that price has manage to break out, I would look for LTF continuations now to get in on this bullish continuation buys to the next tops.
thank you
broke above prvious structure, and closed above Broke above previous structure and closed above, waiting for retest for another entry
USDMXN Buy Short Term Hi All,
We are opening our long position on this pair and entry and sl marked for ref.
Many Thanks
USD MXNusd mxn completing the upside HS And at the same time breaks out of the descending triangle .
USDMXN....Elliot Wave medium/long term targets.....Potential medium/long term targets for Wave V in usd/mxn. Minimum 26.80, Ideal 31.30.
Downside break going nicely! start catching profitslocking partial profits on each level marked in graph, until last profit is hit
moving stops to last resistance (worst case is breakeven, best case is partial profit)
USD/MXN breakout confirmed, upside momentum on the rise. LONG.Hello traders,
finally - after losing a few £££ while trying this long trade - this pair is giving me
some hope that there is scope for a long trade after all...
Went long at: 21.0411 with 1M contract; fixed-amount trailing stop (10-step) is currently at 20.8034 and
the take profit is at 22.000, making the potential loss about 1/4 of the potential profit.
Good luck to us all!
Francesco aka Forexistential
Fade the dollar move, long the Mexican Peso. The dollar has recently broken out against a variety of EMFX crosses. Interestingly, the picture is not the same in the G10 space. With the 10Y yield breaking higher, the narrative is that foreign investors are suddenly attracted to US yield and the dollar receives a bid as a result. We believe it is simply due to rapid growth and inflation expectations changing in the US to the upside. This is bullish to the equity market and bullish risk in general. Add to the cocktail the mix of monetary and fiscal policy in most of the world, and you have tailwinds that will send EM markets higher. Banxico recently cut rates citing soft inflation, however, the majority of Mexico data remains rate-of-change positive. Technically, the dollar reached the 200day exponential moving average and broke out from the prior downtrend. We are fading this as a "fake" breakout. Moreover, we wouldn't be surprised to see dealers hedging gamma above the 20.50 level, causing the slight overshoot. We enter long MXNUSD at 20.80, with a stop at 21, targeting a return to 19.54, where we will book most of the position, and keep SOME in case we see a follow-through downside break.
Waiting for clear break to either direction! good trades coming both sides look likely
waiting for a clear break (continuation, volume, strength) to either side to climb into
