USDMXN trade ideas
USDMXN updates after JacksonThe positional struggle, or put simple the slow siege from sellers back to the base is finally exhausting.
Powell has attacked with a move several times the strength of the surrounding defence. USD will now maintain the pressure and birth of fresh strength will unlock the next leg higher in USDMXN.
Since 2018 we have been tracking the explosion higher. The break of the ABCDE triangle with Covid has already been analysed several times, much rather talk about the significance of the next move. Well, it renders the precedent and totally immobility of MXN, Powell confirming the USD offer is starting to expire means breaking strong support is no longer possible.
On the technicals we must be clear, the 18 handle contains not a little resentment but rather the ambitious dreams of forcing another move similar to what we saw in 2020, allowing our opponent into a false sense of security with a trap before capitulating as far as the eyes can see. The resistance to the topside is now mostly dead and buried.
For those looking to buy, the goal above comes in to play at 22.3x and 22.9x as a ideal extension.
USDMXN1 - Dow - Bear
2 - Candlesticks - Bears (Twizzer Top)
3 - S&R - Bull (Resistance)
4 - Trend - Bear (Tred Line Broken)
5 - Divergence - NA
6 - Seasonal Analysis - NA
7 - Chart Pattern - Bear (Double Top)
8 - Fib - Bear (Bounce from 32% Level)
Bulls Vs Bear
1 - 5
Trading Plan
Risk Level - 5%
Stop Loss - 20.40225
Entry - 20.25275
Take Profit 1 - 20.10950
Take Profit 2- Trailing Stop Loss
USDMXN OpportunitiesUSDMXN, after being stuck in a range finally broke to the upside demonstrating some bullish structure and momentum. An opportunity could be taken in the marked area or near it as long price "rejects, establish clear support" and respects the previous resistance as a support this time.
💡 USD/MXN To the moon? Hi traders. Given USD strength the past couple days This USD pair looks to be the most interesting if it can play out this could be an explosive move higher. On the other hand if it breaks back below it would also be a nice short trade. Keep in mind the risk off sentiment in the markets as it will play a key role.