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Mxn

USDMXN - A potential reversal trade in the makingOn the daily timeframe, price has completed a 3-wave structure (ABC), hitting the ratio expectation between 20.39 - 20.97 area as well. On the lower timeframe, we are seeing a diagonal structure forming with a divergence in RSI too. These give us a good reason to be looking for a potential reversal trade on the USD/MXN, targeting 17.81 as the first target. *Disclaimer - This analysis alone DOES NOT warrant a sell trade immediately. Before you enter any trade in the financial market, it is very important that you have a proper trading plan and risk management approach. The sharing of this idea is neither necessarily indicative of nor a guarantee of future performance or success.
Short
by KarYong
7
USD/MXN 1H Chart: Bears to prevail soonThe US Dollar has been trading in an ascending channel against the Mexican Peso since mid-April. This junior pattern was formed when the pair reversed from a one-year channel near 18.00. The Greenback has been trading slightly below the upper boundary of this senior channel during the past two weeks. This level at 20.20 was not reached, as the 20.03 mark proved to be strong resistance on two separate occasions. The most recent development shows that the pair breached the short-term ascending channel today. This could point to further decline until the medium-term pattern and the 50.0% Fibo retracement at 19.75 and subsequently even lower down to 19.20. The positioning of technical indicators likewise points to a possible fall within the following two to three weeks. In case some upward movement occurs early this week, it is unlikely to exceed the senior channel at 20.20.
Short
by UnknownUnicorn890690
3
USD/MXN 1H Chart: Greenback returns to 18.05USD/MXN is trading along the lines of a long-term descending wedge. Following a test of its upper boundary mid-March, the pair reversed to the downside and has since reached the southern boundary of this pattern. Despite trying to initiate a new wave down last week, the Greenback reversed and returned to the 18.05 area late on Friday. The rate seems to be oversold; thus, a correction north is the most likely scenario during the following two sessions. The most probable upside target is the 100– and 200-hour SMAs, the weekly PP and the upper boundary of a two-month channel down circa 18.15. Bulls could lack the necessary strength to surpass this resistance cluster at this point and thus allow for the resumption of the bearish sentiment.
by UnknownUnicorn890690
USD/MXN 4H Chart: Pair to break out soonFollowing a test of the senior channel near 19.90 late in December 2017, the US Dollar began depreciating substantially against its Mexican counterpart. This strong decline allayed mid-January when the pair began a period of consolidation. As apparent on the chart, this movement sideways still continues to prevail in the market. The pair has likewise formed a long-term triangle with the 18.31 level as the bottom and a downward-sloping trend-line as the top. This pattern will soon reach its maturity, thus a breakout either direction should occur soon. The general direction during the following weeks should be north in line with the senior channel. However, it is yet to be seen if it begins from the 18.31 area or the bottom boundary of the senior channel located near 18.15. Meanwhile, the upper line of the triangle is reinforced by the 55-, 100– and 200-period SMAs and the 23.60% Fibo retracement circa 18.70. The pair needs to surpass this resistance in order to go for the aforementioned surge.
Long
by UnknownUnicorn890690
USDMXN Ascending channel Currently the Mexican Peso (MXN) is in the middle of an ascending channel finding support at the previous resistance of 18.31 Pesos per USD. Additionally, the Peso is finding support at the at the .236 Fibonacci line from the previous 19.89 pesos/usd high. If the trend continues, the Peso will find itself between 18.8 - 19.5 range by April 8, 2018. However, the USD is finding resistance at 18.98 Pesos per USD line. If this resistance line is broken, then the USD will gain room against the Peso up to the 19.50 target. This post is for educational purposes only and therefore does not represent trading advice.
Long
by fernx