MXNUSD Mexican peso nice set-up for short position
Mexican peso is bearish for the last year. I pointed out most important places.
- exact 50% of previous wave
- H&S formation followed by recent trend
- pair is trading below 200 ema on Daily CHart
- GAP support/resistance area is fairly respected by market
plus bonus which tells me that it is rather good entry Mexican interests rates which are very high in comparison to other countries world wide, of maybe except Turkey:)
Money tend to favor currency which has highest interests rates I believe it is called carry trading.
R/R ratio is reasonable well above 2 with low risk.
I will update it if market will tell otherwise or if I will close position before reaching TP.
- exact 50% of previous wave
- H&S formation followed by recent trend
- pair is trading below 200 ema on Daily CHart
- GAP support/resistance area is fairly respected by market
plus bonus which tells me that it is rather good entry Mexican interests rates which are very high in comparison to other countries world wide, of maybe except Turkey:)
Money tend to favor currency which has highest interests rates I believe it is called carry trading.
R/R ratio is reasonable well above 2 with low risk.
I will update it if market will tell otherwise or if I will close position before reaching TP.