My outlook for USDMXN next week (USA Fundamentals providing.. we will be keeping a close eye on this and Covid to see if the dollar is loosing power in which case it could easily turn bearish)
its been a wild bearish ride for USDMXN recently and i can see a bearish uptrend starting to form in a new channel. we are waiting for a bounce of the supporting trendline...
After watching it stall out at the 50.0 retracement line for three days and a confirmed breakthrough today, there is a considerable distance to go with this one. It is already on its way, but a Short time frame entrypoint will make all of the difference here. Looking at a 3 or 4:1RRR on this with no problems.
Good luck and Please let me know any thoughts.
Very simply strategy, the chart speaks for itself.
For more information on our strategy please view our 'Scripts' page on our Trading view profile.
Our V2 strategy shows the SL and multiple TPs on the chart too.
Works on all instruments
Directly onto your own personal trading view - all devices work
USDMXN is coming out of a bullish reversal contraction which has found support at an important DC level 18.89460, only then can we focus on trading till the TP levels (green).
The main two resistances price action needs to break are 19.04180 and 19.12485.
TP #1 - 19.27560 ( pips 3299 / RR 2.27 ) our profit target
TP #2 - 19.36510 ( pips 4190 / RR 2.90 )
Indicators: Bearish candlestick close,
Fundamentals: Negative to neutral bias TVC:DXY
Wait to break the support, to short it further down.
R:R = 2.06
Follow us on youtube for further analysis: www.youtube.com
Comment, share, follow and like us, it means...
If USDMXN to bounces off of either of the trendline we could be looking at 600-2000 pips on this trade. However, we must wait for confirmations to be met before going in. I need the 2hr Downtrend to be broken + a 4hr/Daily reversal to form before going long.
Could we see price continue up on as detected on daily or could price reverse and make its way down.
We are at a good level right now, i have a kumo breakout and a reliable chikou span confirmation that this will go up on the daily.
We are on the hourly right now and we can see price at a 0.236 retracement level so price could bounce up on continue down (watch...