USDMXN - Peso technical analysis!

Dec 8, 2020

Peso! It's an EM currency that I enjoy trading the most, it's the behaviour the MXN moves. It's important to seek out how currencies behaviors are.

Now let's dive into the technicals:

Pattern: Wedge
Support: 19.79294 - 19.71330
Resistance: 19.93628 - 20.07432

Long: Above 1st resistance area and close above 20.07400 areas Target areas: 20.4000 - 20.37660 (200 EMA Area)
Short: Below support areas 19.71330 and confirmed close Target: 19.54620 - 19.30700

Key tip: It's important for confirmed closes, as you could get a fake a break out as well.

Remember: Just a trade idea, not a recommendation.

All the best,

Trade Journal

Dec 9, 2020

Note

At key support area!

Dec 9, 2020

Trade active

Long

Dec 10, 2020

Trade active

1/4 profits taken

Dec 11, 2020

Trade closed: target reached

1st target reached.

Dec 12, 2020

Note

For next week: I am looking for the pull back - see how the pull back reacts and then most likely add limit order or entry if I am in front of my desk and take the next area of the resistance as my profit target near 200 EMA - this all depends on price.

(Just a trade idea, not a recommendation)

Dec 14, 2020

Trade active

Got filled at 20.05570 - Took 1/2 off letting the rest run to 200 EMA area