Mike_SnD

USDMXN Short Analysis

Short
OANDA:USDMXN   U.S. Dollar / Mexican Peso
Last week, the price of USDMXN rejected the significant psychological level of 19.00. From the COT index, we can observe that the pair has been muted for an extended period. However, I see value in buying MXN leading into July. 🌞

🔍 Analysis:

I expect the price to trade down to 16.50 before more consolidation.
There is a large imbalance at 17.13.
The previous swing high has been taken, indicating that buy stops have been taken. We can now expect a move downwards, aligning with seasonality patterns. 📅
📉 Trading Plan:
I'm waiting for the price to come back to 18.40 to enter a sell position.

Entry: 18.40
Stop Loss: Above the last swing high at 19.05
Targets: 17.50, 17.00, and 16.50 🎯
This strategy aligns with the current market dynamics and seasonal trends, making it a compelling opportunity. Let's see how it plays out! 📊

Happy Trading! 🚀

#USDMXN #Forex #TradingStrategy #TechnicalAnalysis #MXN
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