USDMXN trade ideas
USDMXN Swing Trading AnalysisUSDMXN Just completed a full Retracement move off of our Fibonacci Retracement tool... Is there the Possibility for Longing this pair now or do you expect a break out after the just Impulsive move? This is what you should ask yourself if you have a Rules Based Strategy...
As for Radix, we're simply waiting if only our Rules are met we will be longing this pair with a good Risk to Reward Ratio..
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Comment below👇 what are you expectations on the pair...
Elliott Wave Analysis: USDMXN Remains BearishHello traders!
Today we will talk about USDMXN pair, in which we see quite clear bearish pattern from Elliott wave perspective.
Looking at the daily chart, we can see a nice three-wave W-X-Y corrective rally within a higher degree wave (IV) and correction looks to be completed after recent sharp decline, which looks to be unfolding five waves down from the highs in the 4-hour chart.
Five waves down from the highs indicate that market found the resistance and it's turning back to bearish mode, ideally back to lows for a higher degree wave (V). So, watch out for more weakness in the first half of 2022, we will just have to be aware of short-term a-b-c corrective pullback within downtrend.
The main reason for a potential pullback within an a-b-c corrective recovery could be strong resistance on Crude oil, so if Crude suddenly slips following stock market sell-off, then USDMXN could face some rally, but probably temporary only with resistance in the 20.75 - 21.35 zone.
Trader well!
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Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.