The inverse correlaion between oil and the dollar remains , therefore fell last week nearly 140 pesos. With falls on Thursday and Friday a pattern of bearish candles known as "Techo en Pinzas" was formed. This move leaves the 3,320 as a resistance . While the dollar does not close above 3,320 , there is a likelihood of a correction towards 3,120 or 3,060 ;...
The resistence level of circa 17.2400 from August is being tested for the second time having failed to break it in September.
Keep the Mexican Peso on your radar screen if you are a currency trader. She is setting up nicely and should have a good two week move when triggered. Stay Tuned
In this thread I'd like to discuss my current forecast for Argentina's Merval index. Price expanded range down and crossed below the yearly average last week, after the Government was forced to make speculators use the official dollar rate to valuate their assets in the local market, beause of the decline of foreign reserve currency. Instantly many big speculators...
THE COLOMBIAN PESO HAS BEEN IN THE 2600S ZONE 3 TIMES IN THE LAST 12 YEARS, AND IT HAS NEVER CLOSED ABOVE 2700. WE NEED TO SEE A BOUNCE IN THE PRICE OF OIL, OR AT LEAST SEE IT HANDLE THE 57-60 LEVEL AND EXPECT THE PESO GO TOWARDS ZONES OF 2200 FOR NOW. MAYBE THE POLICY MAKER OF THE COLOMBIA FINDS OUT WHAT IS OBVIUS AND LET THE PESO GET STRONGER AGAINST THE DOLAR....
The strong sell-off in the USDMXN over the past few days provides clues that bounces higher have been large corrective moves. First of all, the pattern from May 2013 to Jan 2014 (maroon block labels) suggests it is a large 3 wave bounce higher. The sell off since Jan 2014 could count as an impulsive 5 wave decline. Secondly, the bounce higher starting in June...