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USDMXN

🌟👍Technical outlook: USDMXN bearish scenario:🌟👍Technical outlook: USDMXN bearish scenario: In this pair we have technical figure Triangle. The Triangle has broken through the support line at 19/11/2020. Forming a bearish formation on a 4 hours chart. If price holds below this level we will have possible bearish price movement with forecast for the next day with target 19.82664. Our stop loss order should be placed at 20.4340 if we decide to enter this position. 💁‍♀️🦸‍♂️Fundamentals: - At BBVA, economists think the Bank of Mexico will keep making rate cut in 25bp steps from here until the policy rate reaches 3.0%, in May 2021. “We continue to expect that Banxico will slash rates further than currently expected, as Banxico keeps them close to 0% in real terms.” - This suggests conservatism for Banxico going forward in order to preserve credibility and maintain yield-support for MXN
by legacyFXofficial
USDMXN keeps sliding...to where?USDMXN has been sliding lower knocking fib levels one by one. This week the last one was taken, leaving us with two supports before it retest the lows before we got a strong implusive move up. Those two supports are 19.76 and 19.61 (red lines). Be on the look out for an impulsive move up before going long as this pair has punished all long for a good while. Fundamentals other than a weak USD (DX) and higher rates (carry trade) are few, so it can turn on a dime IMO.
by laventa
USDMXN - Peso - Short & Longer term view.Technical & Fundamental View: Fundamental View: Longer term I do see dollar weakening this doesn't mean it's going to 0 and we all jump into crypto's! Just personal opinion but I do think the further QE we have inflation target of 2% DEC FOMC meeting is something I am very interested in and how large will the QE be and given the great vaccine news ..It's something to think about. QE and other tools they have, they are basic tools that are used within economic cycle, which you can research in your spare time and if you would like to know good books regarding that, message me privately or comment down below I'd be sure to help. I see further decline in the dollar longer term due many fundamental factors as I stared and you can read my last post on EUR. However, when trading think of good R/R. We are in range bound areas, in most of the G10 currencies, just look at the euro 1.16-1.19 for good solid few months...! But I am not jumping into the market. When the market is range bound in technical stand point its going to break out eventually but short term, take advantage of the intra-day set ups for this example: I have been long Peso since 20.25353 for few days it didn't move yes frustrating but then it spiked higher on lower time frame I saw bullish formation, now my target are next resistance areas 20.800 areas. Does this mean you jump in right now? No - Do what your trade plan says, when I look at trades I personally look at good R/R this trade still does have potential. Technical analysis - Long and short term: Key support: 20.14100 Key resistance: 20.80200 & 21.11600 Short term formation: Small Channel resistance is 20.800 areas (It can be seen Longer term formation: Bear flag Short term view: Up towards 21.800 Areas (Good resistance Zone) and if it edges higher keep an eye on 200 EMA. Long term view: Further decline towards retesting 20.14100 areas and perhaps decline longer term to lower areas of 20.000 areas which matches 161.8 Fib Retracement. Remember, market moves in waves! Key tip: Follow your own trade plan & Journal your trades (Remember - Just a trade idea, not a recommendation).
by Trade_Journal
USDMXN (4H) Backtest : 61% win rate across 23 trades => 15.4 RBacktest results : prnt.sc Icons on the chart Thumbs up : Trade was a win Thumbs down : Trade was a loss Circle with a cross : Trade was breakeven Cross : Did not take the trade due to presence of liquidity (equal highs/lows) behind the stop loss Variables Avg winner = 1.6R Strategy : wait for market structure break, then trade the retest of that zone. Zone is drawn using the first candle which crossed the pivot high/low to trap the traders.
by makuchaku