Ok let's get started with the next round of important chart packs and fundamental updates
📍 On the fundamental side in USDMXN - as strange as it sounds all eyes are on the other side of the Atlantic. Once again politics in Europe is getting in the way, with discussions on the recovery fund coming to a close this weekend and looking like we are going to see this...
It's not a pair that I would usually trade, but it's an opportunity!
I like this pair a lot, been keeping an eye on it a lot. Now, it could break either way - Above high ends of 25 areas we could get a break out and could take the pull back trade up to the next resistance. However, if it breaks to the lower ends, below that key trend-line up and if you were to...
USDMXN is in the downtrend and is currently trading in a small triangle.
Long now from the triangle support. Great risk reward and 50% probability.
I trade longs ONLY on such pairs due to the expensive interest rate spread, which in the case of being long peso, is...
As Mexico sees further economic problems in the current government the price of the peso weekening against the dollar. In the short term I can see a retest of a broken ground and trend line of abour 23 before seeing more downside and fullfilling g 78.6 for fibbonacci in confluence with a longer Trend. in a higher time frame. Potentially peeking at 30 by the end...
Downwards trendline, rejected at the 50 day moving average on the daily chart, the price is also at the 0.382 FB retracement point from the price high set 6 april to the price low 3 june. Looking at the broader picture it can consolidate around the 0.5 fib retracement point set in february to the april high before seeing more downside. EU countries are highly...
The wave Y reached equal distance of wave W. It could dip lower to 22.80 (valley of wave W).
The trend then will resume to the upside.
It could hit between 26.70 and 27.50.
I see oil lower and oil related currencies could drop.
The pair made a strong Parabolic Rise in March pushing the 1D chart to its limits. Now technicals have found a normal balance (RSI = 58.931, MACD = 0.972, ADX = 49.001) as the price is trading on a range. This is similar to the 2008 trading pattern of the Mortgage Crisis, when after a Parabolic Rise, USDMXN entered a range (was an Ascending Triangle then) before a...
As I see the market that previously hit the 24 pesos well it did drop after shortly coming down on retesting key price levels once again consolidating at 23.22
I am positive on this pair that will come back to 24 and consolidate and drop shortly after.
NOVICE TRADER SPECULATION:
I tried to make this TA much easier to understand.
It looks like on D5, we are approaching what could be a very good long opportunity.
LOGIC BEHIIND LONG:
Entry at the Green Flag.
Live long and profit.
The pair will recover in the following days after a series of decline in the value of the US dollar. The US House of Senate finally passes the ratified NAFTA (North American Free Trade Agreement) last January 16. This will leave President Donald Trump the only person to either pass or veto the bill. Once approved, leaders of Canada and Mexico will still need to...