The USDMXN has Bearishly Broken Below a Demand Line and backtested it as resiatnce as well as losing the support of the 89 Month EMA; we will now be attempting to crack the BAMM Trigger Line at the level of B and if we break that a Minimum 786-886 retrace would be very likely
Trade active
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USDMXN is now challenging the orange BAMM trigger line; if it breaks through the orange line then we should see it begin a much more aggressive move down to deeper retraces.
I can see it going towards $17.00, maybe even as low as $16.50 depending on how long Banxico keeps the rate as high they are. But, anything lower than that would requiere some game changing events to strengthen the MXN even more. More likely, I see it heading towards high 18s or low 19s towards the end of the year when the rate cuts are expected here in Mexico.
AllAboutMoney
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name of that unknown pattern? 🙄
jorgeavilam
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Mmmmm
The_Third_Eye
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Yeah. I am worried that MXN currencies could end up poor like Venezuelan currencies, it becomes more worthless
danielruval95
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@The_Third_Eye He's saying that mexican peso will be stronger, but i highly doubt that