This daily chart of USDMXN shows price action since the currency pair broke multi-year trendline support in March 2017. The initial move off the highs looks impulsive, with a simple ABC correction nearing completion into Fibonacci resistance. Initiating a long-term short position at 20.35 with a profit target at 17.50. A move above 22.00 invalidates the setup. With an interest rate differential of 5.75% between USD and MXN, this trade will also generate positive carry.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.