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U.S. Dollar / Mexican Peso

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USDMXN trade ideas

Oct 22th, 2023 - USDMXN to 17.77?Last week USDMXN traded between 17.85 and 18.46. Given Banxico's decision to maintain its benchmark policy rate at a record high of 11.25% at its September 2023 meeting, as widely expected, and FED's expectation to hike rates if the economy remains hot... Short term, (weekly) my bias is for dollar weakness. I am looking for dollar strength around the 105.917 DXY handle.... This move could possibly lead to MXN nearing the 17.77 handle for this week. This is not financial advice by any means, I am not a licenced financial advisor and these are just my points of view of the market. FX:USDMXN
by AngelMondragon16
USDMXN Prime short position as it approaches a 2-year ResistanceThe USDMXN pair has been on a strong rise since July 28th, which was a Lower Low at the bottom of a 2-year Bearish Megaphone pattern. The rally has extended to a point where the price is about to test that 2-year top (Lower Highs) Resistance. The previous Lower High was priced exactly on the 0.786 Fibonacci retracement level and the new one is only a fraction away at 18.6900. We consider that current level already good enough to short, as the 1D RSI has also been on the overbought barrier (70.00) since October 03. ------------------------------------------------------------------------------- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. ** ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
Short
by TradingShot
Short in USDMXNToday, I opened a short position on the USDMXN due to the strong bearish trend in recent months. This trend has been driven by the attractiveness of Mexican bonds with their high interest rates. However, today's release of the CB Consumer Confidence (Aug) data in the United States was significantly lower than expected. The actual value was 106.1, while the forecast was 116 and the previous value was 110. This reinforces my belief that the bearish trend will continue, at least until reaching 16.65. It is worth mentioning that my perspective may change if tomorrow's Core PCE data in the United States is higher than 3.9%. In that case, I will close the position as it would strengthen the dollar. Remember that the financial market is volatile and subject to constant changes. It is always advisable to assess the data and adjust strategies accordingly.
Short
by JuanHernandez
USDMXNMy own view on USDMXN This trading pair has been declined for many trading weeks with the strong in MXN (Long 80% of MXN by big financial institutions showed on CFTC data). This week, the CFTC Data shows that Big Financial Institutions have closed Long Positions and Add more short Positions on MXN. FED also prepares for raising more rate as inflation is still higher. I expect this trading pair will be very bullish in these two trading weeks. This is just my point of view not financial advice.
Long
by GreenStoneFX
Divergence Example and how to confirm them with ADXI am sure, you have read and seen many example of divergence. However, it's easy to miss this formation. Unless you have MACD and you are checking constantly. If you closely look at MACD formation, the Signal in Red has cut through the MACD line in Blue. Also, as the dotted yellow arrow shows, it is going up and making higher high. On the chart, you can see that this pair is making Lower Lows. This discrepancy and difference between MACD and chart is called "Strong Bullish Divergence". One way of confirmation on Divergence is using the ADX behavior. Blue line is ADX line and shows the strength of the direction of the chart, regardless Bullish or Bearish. It's like RMP in the cars. Just show the power of the move. DI+ in Green shows the Bullish move which in this case has cut through the middle line in Gray Dotted, AND it has cut through Orange line of DI- which it means Bulls are in charge. Conclusion is that there is a great chance of Bullish move for some time. It's hard to predict in this particular example, since Dollar is going down dramatically. Divergence are not 100% all the time. However, I personally check them with ADX for additional confirmation. Good luck traders.
Education
by Ha-Lion