USDMXNOn the monthly timeframe, we have a CHOCH. The long term trend before the break was bullish. Currently we are awaiting bullish correction targeting the upside. On the Daily time frame we have a CHOCH that confirms our bullish outlook. We have our sell orders at 17.94130 and exit at 19.30045, a 10 RR.
USDMXN trade ideas
USDMXN continuation shorts down to demand on dailywe should by now understand the game of probabilities when it comes to our trading edge. so with that being said lets go over this USDMXN. The peso’s strength reflects a relatively optimistic outlook for the Mexican economy, with 2022 growth surpassing expectations. Having grown 4.8% in 2021, the World Bank expects it to grow by 2.1% in both 2022 and 2023. As Far as the US Dollar Over the last 12 months, its price rose by 5.50 percent. Looking ahead, we forecast Dollar Index to be priced at 106.0575 by the end of this quarter and at 110.8027 in one year, according to Trading Economics global macro models projections and analysts expectations. However with recession fears and DXY being close to a weekly supply/order lock we may see a bearish spike on the dollar soon which will give us the EDGE we need to take this setup.
USDMXN 1H - Bear TrendAnalysis:
USDMXN-1H is currently in a bearish trend. If the price hits 18.03850 which is Fib retracement level, we can enter in a short trade. For this trade the stop loss will be at 18.20170 which is the previous lower high level.
------ Trade ------
Chart: USDMXN-1H
Type: Short
Entry: 18.03850
Stop Loss: 18.20170
TP1: 17.87530
TP2: 17.71210
📉 Short USDMXN 🇺🇸🇲🇽Heres a trade set up idea for USDMXN. We look to have formed a peak formation high, 2 days ago. Im expecting, price to rise on ,Monday to trap traders long and to have traders be stopped out from shorts before the next dump.
❌ 3 orders set 18.500, 18,600, 18,670
❌ Stop loss: 18,7404
Dollar/Peso Bears about Step on the GasI was amazed to see the recovery the peso had built over the year, it has me honestly surprised, especially knowing the wasteland that is the administration of the Mexican Government funds and budgeting. Regardless, if there is a maxim in trading, it is that price is king, and given the structure, we can appreciate, it all seems to indicate bears are about to take the bulls to the slaughter house.
Technically speaking we are fast approaching a trendline dating back to the "08" crisis when the peso lost about half its value in a span of months. A trendline that to this point had remained intact. I expect for the price to react when it comes in contact with the trendline, most likely in the form of some support, this must not be mistaken as the bottom of this downtrend. I am going to be expecting, with a high degree of confidence a new low to be made after the intial bounce of support is made in and around the trendline.
Great opportunity for a long position.Hello traders,
If you know what you are looking, really soon a beautiful long position in the making.
Uncomplicated analysis is the key...
Quick tip: Make DIVERGENCE the key element for your analysis and you will see the difference on your profits... Divergence doesn't lie :)