Possible Elliot Wave for USDMXN! 📈📈following this plan,
break below key points mean count is wrong and need to reassess
USDMXN trade ideas
USDMXN - Peso technical viewUSDMXN - Peso trade idea.
Technical View
Pattern - Triple Bottom
Support - 19.93810, 19.85110, 19.81000
Resistance - 20.09215, 20.21170, 20.31620
50 EMA - key support zone
200 EMA - Key Resistance zone
EM Currency pair - PESO yields had a nice move... We could extend further to 1.618 area!
Key tip: Trade your own trade plan for further confidence
Trade Journal
Just a trade idea, not a recommendation
Emerging Currencies Making a Recovery??As we zoom out and look closely at the Mexican Peso, we see many signs of strength that have been building for some time now. I believe the MXN and many other emerging currencies are all showing similar signs of strength and in the process of a reversal. While this may provide a great long trade and a short-term boost to the Peso, I fear it will have long-term negative effects.
These are the things that lead me to continue to believe the dollar will continue to devalue. Emerging market currencies have consistently gained strength against the dollar. If the Peso closes above the 13-year historical resistance by the end of this month, it will be a decent confirmation of a trend change. Unless we see some BIG power moves come from the dollar, I believe this is likely to continue. Not to put to be dramatic, but "IF" this does play out, it will be VERY difficult and drastic for most people's current financial circumstances in the U.S. If the US dollar loses that much purchasing power in relation to the rest of the world, it will affect people in many ways. If it now costs most companies a certain amount to purchase products, then the stores in the US will raise their prices significantly, at least to make up for the lost purchasing power, which means many will have to settle with less to provide for themselves. This may seem good for the emerging currencies and their economy in the short term, but I believe we are seeing a global financial shift that will affect everyone negatively, not just the U.S. economy.
The U.S. produces very little in comparison to the rest of the world, so we will suffer because of this. IMO, the U.S. has sat on its laurels of being the biggest economy far too long, and it's caused us to have an economy that is far too reliant on other countries because we "had" the money to pay for cheap labor. I believe the U.S. will suffer a great financial loss because of our short-term approach and being far too prideful because we had more financial liberties compared to others. Essentially, The U.S. became conceited... This money printing has seriously backed us into a corner. Very similar to many ancient empires in the past. I honestly hope I'm wrong about this, the effects of this kind of macro shift could be devastating for many. When things like this happen, it's typically best to look into hard assets like Gold/Silver and even Bitcoin. Please don't take my brutal honesty the wrong way, but I believe it's important to see the global shifts that are in place and consider taking the proper precautions. We're entering uncharted territory for the global economy and this will likely create unstable conditions for all.
RetraceWe have fallen back to what i believe is support. I expect, a stog pull back to the higher 20 area. There has been a long run selling, From the high. As a market, allot of money was made on the draw down for the market. Now all well look for higher price. retail seller, don.t get caught sleeping. I am already long at 19.8000. My opinion only, good luck.
Idea usdmxn timeframe analysisHello Trader, Here is the market analysis for this pair, Let me know in the comment section below if you have any questions, The entry will be taken only if all rules of the strategies will be satisfied.
USDMXN ShortThere is a 4hr bullish divergence that must clear before it continues the downward trend.
USDMXN H8 | Intraday - This pattern is still in the process of forming. Possible pullback price movement towards the resistance of 20.38 within the next period.
