Technical outlook towards EUR/MXN
We were messaged to analyse this pair, since we last looked at this pair was July - Great momentum it has had. It was 1hr chart this time, I am going through daily - Why?
***Higher time frame indicates shorter time frame of movement! ***
Pattern wise - we are being squeezed within price action of a...
The EM currencies aren't moving as much considering the major pairs are...that's an interesting thought to keep in mind!
If you're looking for good risk reward trade, i'd go to EM currencies - Major pairs are little over extended. However, for those swing traders PESO looking clean...which way will it break. Will we carry on the pattern of descending channel?...
The Peso is currently in a sideways consolidation perhaps due to investors awaiting the outcome of Mexico's current monetary policies by the new administration. However, current trend points to an exchange rate of about $ 29 Mexican pesos to 1 US dollar by August of 2020. Could the president's new policies contribute to the country's economic decline? Only time will tell.
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.
I have been watching this one the past days to see if the double bottom would play out or not. Now the small inverse H&S on the left, could be the confirmation of that pattern. If that neckline breaks and we see a good rally, the chances will increase a lot. If this H&S fails, that green support could still keep it alive, but below that support, it will become...
We have gotten a second chance to play this bearish wedge. After the previous trade which failed, but gladly was just a small as usual. Not the previous candles are very bullish, but i think this wedge is legit so i don't see it getting above that previous high. I am going to split my entries in 2, i am going to risk one part here, if that trend line on the left...
Looks like a solid triangle here and from the looks of it we will probably see a break on the upside. But every triangle can go both ways. So i am going to wait for some confirmation first. So i want to see it move like one of the blue lines first before going in the trade. So a break of the triangle and a retest.
Please don't forget to like if you appreciate...
Mexican peso is bearish for the last year. I pointed out most important places.
- exact 50% of previous wave
- H&S formation followed by recent trend
- pair is trading below 200 ema on Daily CHart
- GAP support/resistance area is fairly respected by market
plus bonus which tells me that it is rather good entry Mexican interests rates which are very high in...