Pattern: 1M Triangle.
Signal: Bearish towards a new Higher High (dashed line). Bullish once a bottom is made on that zone.
Target: Once the bottom is made, the bullish target should be the 0.786 Fibonacci retracement (worked on all previous instances). Indicative price = 20.0000.
This idea is for educational and demonstration purposes and does not constitute a signal.
Does history repeat itself? You will see that I modeled previous price action as noted to current price action. Underlying fundamentals at play, to keep in mind are the weakening of the Mexico economy. Market structure mimics broadening wedge. Note also 9 and 50 EMAs which...
In today's #marketinsights video recording I analyse #GBPJPY and #USDMXN!
#Pound Remains Solid:
- MPs support 3-month extension
- Monthly CPI rise not as expected, but improved
#Yen Likely to Weaken:
- BoJ held rates unchanged but acknowledged increasing risks
- Ultraloose policy to be re-examined at October meeting
#MXN Supported By Fed:
Hello, I have reasons to believe USDMXN could bounce.
You can wait for the FOMC press conference in 3 hours.
Price is going up.
You may want to buy on a higher high here:
The leg down is very extended and about now would be a good time for a bounce:
It's possible in a few hours...
The price has broken the descending triangle near the support zone, making a double bottom and showing MACD divergence within the process.
We are expecting the price to make a bounce and head upwards. You could also set up a buy stop in the price of 19.6021
Comment your opinions!
The NFP put a lot of pressure on dollar squeezing the dollar bull back into the accumulation zone from 19.40 - 19.75.
A lot of bulls still remain in this area and retail sellers coming into the trade late will get caught with there pants down because of bulls lurking to ambush them right below the .50 fib.
I expect price to make a LH ( lower high) and...
Priceline of US Dollar / Mexican Peso Forex pair is forming a bullish CRAB pattern and soon it will be entered in potential reversal zone insha Allah.
Volume profile of complete pattern is showing less interest of traders here
RSI is oversold
But MACD is strong bearish and Stochastic is oversold but did not give any bull cross sofar, so I would suggest when the...