Today we are revisiting the USDMXN Daily chart, in a previous COTD back in February we looked at the Daily price action and what was a potential shorter-term set up (take a look here.
The Shorter-term set-up didn't pan out on the back of a weaker dollar and more exotic shift on the back of this. But as the Dollar films a little bit we are going to revisit as the...
USDMXN has made a triple bottom, with bullish divergence on the stochastics.
Price action looking to retest the local resistance. A break above that should see a test of the main resistance, which is our main target.
We are back at the support, as a trader I trade in low risk to high reward so for me this is a buy situation.
If it fails to break the support and go up -> WIN
If it breaks support and goes down -> SMALL LOSS
My green zone is a bit higher because of the spread, if you wanna enter a trade wait for it to be ~300.
Cheers everyone have a nice easter!
Here we can look from a bird's eye view and see that this is likely still a large triangle taking place.
We are testing the minimum targets of a 5 wave sequence from November highs. It is very possible that this can start forming a base at current levels since the target has been reached however extensions below come in at 18.53.
The likelihood of a base...
USDMXN looks to have a few good opportunities to break small trends and stretch up-ward. If it fails to do so then I believe it will hit a lower low and changing short-term trends
This is not financial advice, or lettuce.
The dominant long term pattern on USDMXN is a Triangle on 1M (total neutrality with RSI = 52.546, ADX = 27.968, Highs/Lows = 0.0000). 1D is on a Higher Lows sequence, which this 1M Triangle has show that it leads to a bullish break out. We are long with TP = 20.25000.
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Here we have a very wide ABC in play with the C leg finishing at 7.25 - 7.28.
From a technical perspective, the market has presented a flawless 5 wave impulsive move with a three wave retracement. Those who are betting on the upside will be coming in here at the 38.2% level at 5.09; and we can expect a continuation.
There is scope here for as high as...