USDMXN Bullish Macro Trend/Short-term Correction
Updated
The general trend for USDMXN is bullish after a recent period of correction. Currently we see a positive sentiment for the dollar and the USDMXN pair has traded higher on the strength of the dollar.
Currently we seem to be testing the upper limits of the bulish trend channel at 18.94. I expect a short term correction as the channels lower bottom is tested.
Currently we seem to be testing the upper limits of the bulish trend channel at 18.94. I expect a short term correction as the channels lower bottom is tested.
Note
The correction has broken through our bottom edge of bullish channel. Watch how we are tesing the 18.8150 floor level. Breaking this support zone could signal a more bearish sentiment or a reversal and return to the recent high of 18.94Note
Possible reversal at 18.78
Note
Trend returns to the inside of bullish channel, expecting more attempts to break the ceiling at 19.94 but continued confirmation of ceiling could see a price consolidation between 18.90-18.80
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