We've got ourselves a possible opportunity for a short here. The USDMXN has been going on a continuous downtrend for time.
we're placing the entry at the correction level, from which we'll short.
After the movement down the US dollar tested the support level 18,8000. Now there is a possibility for a reversal. We will try to analyze the pair from technical and fundamental sides. On 1D TF there is flat on the market (200-EMA is moving sideways). On balance volume indicator dropped down. On working 4H TF Parabolic SAR and OBV reversed. MACD line broke the...
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...
As you can see i have a kumo breakout at a good area of support from the up trend, we have seen on the daily a price rejection and a red candle start to show but that price has reached a .283 retracement so we could see price bounce off that and then make its way up or retest on the inside on the S/R trend line and make its ay down
USDMXN is showing weakness and also calling for the end of the move up. besides that channel is also forming a wedge where I expect a move down to 19-18.5 and then a re-test of the lower support.
As I always say, let's check for confirmation before entering a short, I may enter a position next Monday.