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.
Strong Technicals on the hourly for a sell between 19.27 & 19.28
Should be short down to the 23.6 at least, but since it has broken the trend without retest lon term it should reach the peak area again.
One of the exotic pairs that some people trade. I'm one of them people.
I believe that the US Dollar will be getting stronger, so I think this pair has been oversold for quite a while.
It has also broken it's downward trend line and closed above it. I think this is a good opportunity to go in LONG.
If you want, you can wait for it to retrace a bit and then go in. ...
I understand, maybe it's not the most exciting to trade, but if there's opportunity, then we should take it.
Potential BUY from now to at least 19.2. And if we close above that, then I wouldn't mind seeing it going to 38.2% or even 50%.
But then again, be very careful, and have your stop at the previous lows.
Keep an eye on the price action!