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U.S. Dollar / Mexican Peso

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USDMXN trade ideas

LONG POSITIONThe bias in the USD/MXN still favors the upside, despite the recent correction. USD/MXN is trading modestly higher on Wednesday, after retreating for two days. Price held above the 20.00 area, keeping a bullish bias in the short-term. Another test of the 20.45/50 area seems probable (downtrend line/ 100-day simple moving average). The positive bias has a critical support at 19.95/20.00, the convergence of the 20 and 55-day moving averages. A decline below would point to the resumption of the long-term bearish trend, now being challenged. The RSI continues to back away from 70, starting to leave room for another run higher. Above 20.30, the greenback should gain momentum to extend the upside. Resistance levels above 20.45 emerge at 20.60 and 20.80.
Long
by AFFINITY_MARKETS
USD/MXN is going to the gulag... (19.00-19.50 SHORT)The dollar has been on a monthly & weekly bearish downtrend following the cap thrown from both sides of the latest elections, added to new doubts surrounding the now president Joe Biden. Within his first months we have seen a substantial amount of executive orders, however we have yet to see uncle joe help the homies out with the stimulus checks they are in desperate need of. Without this to stimulate the economy, followed by the measly Q4 GDP report TBA this Thursday, I believe the peso will gain that strength. This geopolitical analysis also coincides with the A1 technicals ya boy is putting on full display. As we can see, both in the DAILY as well as the WEEKLY, the pair has broken off a bigger descending channel into a smaller one. Both however have displayed key levels of resistance & support, with the 20.30 4H resistance just above the trendline being touched for juss a lil bit (50 cent voice) yesterday around 2AM CT, before melting back down & closing at the next 4H resistance just inside the upper side of the trendline at 20.10. If the pair manages to close below 20.00, a strong monthly resistance level, 19.80 - 19.60 - and lastly 19.50 would be valid daily levels of support where we could get to the BAGS. (YE$$IRRR) 2021 will be the year of luitrades to take over the USD/MXN pair, it is the only pair I have put consistent analysis into and I plan to share my outlook for the community to see on full display. This will serve as the mixtape before I get signed to a major label. The come up has begun.
Short
by luitrading