USDMXN: LONG
Hello traders, last 3 weeks this pair has failed to go below our first strong support level at around 21.55 area and the monthly candlestick looks like it's going to close as bullish for the current month. The pair might show a little pullback for the first week of July but overall MXN is not going to recover soon so we keep on buying until major news is released supporting the recovery of MXN. I suggest you keep on taking profits along the way.
As you can see in the 4h chart our trendline (yellow line) is holding fine and a triangle formation is pretty much broken. A possible consolidation might happen in/around the blue box area but if it manages to go above the blue box then possibly a new high could be formed. Patience is key and please do NOT overleverage your trades, trade responsibly. Good luck to you all.
As you can see in the 4h chart our trendline (yellow line) is holding fine and a triangle formation is pretty much broken. A possible consolidation might happen in/around the blue box area but if it manages to go above the blue box then possibly a new high could be formed. Patience is key and please do NOT overleverage your trades, trade responsibly. Good luck to you all.
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