USDMXN on the daily chart hit the monthly support (purple one) and started a strong bullish impulse.
The market hit the upper trendline which is also at the level of a weekly resistance and retraced a bit.
IF the price will manage to break and close above that level we can set a nice long order according to PLancton's strategy.
Follow the Shrimp 🦐
USDMXN broke above trendline resistance on Wednesday and reversed lower today in volatile trading. I’m focused on the top side of the just broken trendline for support near 21.74. Eventually, the 61.8% retrace of the decline from March is a candidate for resistance at 23.89. Visit scandex.com for more.
There is the USD/MXN: Butterfly Pattern in the context of a dollar rally and a long-term trend in the USD/MXN. Follow the trend....
Currency pairs are very cyclical unless there is something pulling one of the currencies away enough to break this cycle, such as a currency crisis. That is just one example.
Strength of USD versus currencies of EU, Japan, China, India, Russia, Mexico, Brasil, Saudi Arabia, Turkey, South Korea.
There had been a cosmic demand for dollar but as COVID hit USA from April 6 we saw a breakdown.
Now we are at major support, on the monthly balance point, from which a push up is likely but not guaranteed.
The area between CAMS1 and CAMR1 is...
This pair is rejecting the daily trend line as well as key support & resistance level by creating a pin in bar on 4 Hour time frame. Good time to enter a short trade as it may fall deep into the ocean soon!!
USDMXN beautifully touched monthly support and rejected with a daily bullish engulfing. I initiated buy on the next daily candle. Daily also shows bullish divergence on obv and we have been in an uptrend since 1999. Great long term setup looking for new highs on monthly. Lets see what happens considering everything going on in the world.
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I have been following USDMXN for quite sometimes now.
Liking the overall price action, we broke the previous lows, potential forming a double bottom on the HTF.
We see a descending type o f channel to push the price down, and another LTF descending channel, very good indication of a possible reversal.
Latest price see some bullish momentum on the...
USD_MXN IS TESTING CHANNEL RESISTANCE AFTER DISREGARDING HORIZONTAL STRUCTURE
(1) Horizontal resistance disregarded. The channel lines were perfectly respected
(2) IF breakout is confirmed>>>
(if candle closes ABOVE the level)
(3) Long up to the next resistance.
(4) If not, a short looks good....