I have found the flag pattern you can see here to be one of the most reliable patterns I have used. Therefore, I expect USDMXN Bulls to stay in control for the remainder of the first quarter.
1.55 R/R Ratio.
Potential Gain - 1440+ pipsj
Potential Loss - 930+ pips
Happy Trading :)
USDMXN in consolidation phase from a past bullish market back in 2016. Continuing lower highs and higher lows imply that the bullish market will continue after the strong Elliot wave formation over the last 4 months. Stage 5 of the wave is complete, just need to see where the A, B, C points will anchor for the short term.
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
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