USDMXN trade ideas
MEXICAN PESO The Mexican Peso is about to experience a big short-term correction. The price graph is just above the short-term moving averages (10d, 20d and 30d), the moving averages are trending up and the fast stochastic indicator that I use signals an over-sold condition. Definitely a SHORT. Most likley to be affected by higher interest rates, but that is a story for another graph.
Bullish USDMXNCurrent price level is stuck at the 20,89 level and its also the touch of the inner uptrend line.
One of two scenarios can play out here.
1) Price can break through inner trendline too retest outer trend line and then continue bullish.
2) Price can reverse immediately
Suggest to wait for a clear bullish signal by end of this week or early next week.
USDMXN ABOUT TO ROCKET UP! (3 Confirmations)Regular Bullish Divergence:
Price is making a higher low(HL) and the stochastic oscillator is making a lower low(LL) which is normally found at the continuation of an uptrend. I will be watching for price action to see if USDMXN will reject off of this trend-line.
Priceline is also at the "Golden-Zone" fib retracement, which makes a total of 3 confirmations for this buy position.
1. Bouncing off of current bullish trendline
2. Regular Bullish Divergence (Stochastic Oscillator) which shoes continuation of uptrend
3. Hitting "Golden Zone" for fib retracement
BULLISH MOMENTUMThis is my bullish trend idea. However, wait for clear trend continue moment and wait for trend continue after can entry . This is my opinion, not for any signal service. Good luck.
USDMXN reversal coming?Hi traders
move your stop or take profit. the coming week I will expect to look for sell setups
but for me to consider buy I need to see the aggressive move up to break the structure and have correction above for the confirmation. watch for sell setups. good luck
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USDMXN Target Price 21.49836 (Entry Price 20.86410)Wait for a pull back to horizontal support resistance level and dynamic support resistance level for an entry.
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.
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