There's nothing special with this setup, the price has just broken the slanting Trendline and came back to retest, and from the theories of Break and Re-test, this points upstairs. And so, I think we're going upside. Loss and Profit parameters are clearly shown. This is what I think with this Mexican Peso.
Clearly the correction is going to continue. We are in a year of electoral period. It is more likely that we will see this pair reach the levels we have marked before having bullish momentum.
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USDMXN Daily Chart Falling Wedge with Bullish Divergence on Daily Chart
Buy Stop Placed above the LH with SL below the Lows
TPs calculated based on the falling wedge pattern width
1:1 and 1:2 RR Trade = 1.5RR Total
Hey Traders,
After the 38.2 % retracement on the USDMXN you haven't quite felt the full force of the fall.
That being there is still room for very long term support.
Here are my wider outlook zones for entries/exits.
Never seen before the uptrend tendency was broken? looks like yes, lest follow our trade from 2 year now and still goin in the same direction. the nest stop will follow the 14.95 ? that's our psychological focus.
Weekly:
-Bearish Weekly imbalance.
-Sellside liquidity acting as magnet for price.
Daily:
-Impulse and correction pattern.
-Bearish daily imbalance.
4H:
-Close below the last bullish imbalance is the confirmation to take shorts.
According with the waves count and considering that we are in a supply zone, we have a long opportunity with this pair.
We will wait the confirmation in lowers timeframes to set our SL
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The US Federal Reserve has kept interest rates steady at 5.25%-5.50% while continuing its balance sheet reduction as planned since May 2023.
In contrast, the Bank of Mexico (Banxico) might announce a rate cut tomorrow.
It's anticipated that Banxico could decrease its interest rate from 11.25% to 11%, potentially applying pressure on the Mexican peso. This...
USDMXN has been under pressure for a few days now and I am not expecting it to stop soon. The US Dollar has been going down because of expected rates cuts to come this year and the mexican peso still benefits from a tighter monetary policy. Now that the fundamentals are in the favor of a continuation to the downside, we can observe on the daily timeframe the...
USDMXN has had difficulties creating higher structure while slowy going down on every failed attempt to break higher. Price has recently broken below a key support which shows that sellers are in control especially knowing the macro economics circumstances. My target is at 16.82000 .
This is my bearish trend idea. However wait for a fall back to a key level after trend continue to downtrend momentum, because overall structure breakout and continue to downtrend. You can see it high time frame momentum. Good luck
