USDMXN Channelling Higher, Targeting 20.23
Trend Analysis
The main view of this trade idea is on the 2-Hour Chart. The FX Cross USDMXN is channeling higher and is currently and the lower end of the support channel around 20.05. Expectations are for support to hold and the FX Cross rally towards the upper end of the trend channel at around 20.23, 0.81% away. If this upward price movement breaks down, a stop loss should be set at around 20.
Technical Indicators
The short (25-MA) and medium (75-MA) fractal moving averages indicates a change in trend in USDMXN, supporting the short term bullish view. Currently USDMXN is trading above these respective moving averages and there has been a bullish crossover on them, with the short term fractal moving average crossing above the medium term fractal moving average.
Recommendation
The recommendation will be to go long at market. Stop loss will be set around the 20.00 price level and a target of 20.23. This produces a risk-reward ratio of 2.50.
Disclaimer
The views expressed are mine and do not represent the views of my employers and business partners. Persons acting on these recommendations are doing so at their own risk. These recommendations are not a solicitation to buy or to sell but are for purely discussion purposes. At the time publishing, I have a position in USDMXN .
The main view of this trade idea is on the 2-Hour Chart. The FX Cross USDMXN is channeling higher and is currently and the lower end of the support channel around 20.05. Expectations are for support to hold and the FX Cross rally towards the upper end of the trend channel at around 20.23, 0.81% away. If this upward price movement breaks down, a stop loss should be set at around 20.
Technical Indicators
The short (25-MA) and medium (75-MA) fractal moving averages indicates a change in trend in USDMXN, supporting the short term bullish view. Currently USDMXN is trading above these respective moving averages and there has been a bullish crossover on them, with the short term fractal moving average crossing above the medium term fractal moving average.
Recommendation
The recommendation will be to go long at market. Stop loss will be set around the 20.00 price level and a target of 20.23. This produces a risk-reward ratio of 2.50.
Disclaimer
The views expressed are mine and do not represent the views of my employers and business partners. Persons acting on these recommendations are doing so at their own risk. These recommendations are not a solicitation to buy or to sell but are for purely discussion purposes. At the time publishing, I have a position in USDMXN .
Trade closed: stop reached