It's not rocket science with indexes, it's bouncing from the EMAs and the bottom of the lower trend line. it's following the uptrend. We are taking profits just below the upper trend line.
If we analyze the last price action that took place on 18.74, we can see an uptrend until 19.38, which then led all the way to the 20 zone ( with a few stops in between).
With this being said, we could see a very long season comming for this pair. However, I am not trying to say, that the exact replica of the last price action will take place, you just have to...
USD MXN will be bouncing back and forth between the 19.00 to the 19.50 support and resistance areas. After the past bullish week, a strong bear is needed to stabilize the currencie. 19.18 on the fibs looks like a nice resting place, other wise look for 19.14.
MACD resently crossed signaling an entrance for a down trend, RSI also signals a good time to go down town. Also price is being returned by a resistance level.
To play it safe place a take 1st profit on the first s1, afterwards trail your SL a bit past the S2.
OANDA:GBPUSD Monthly setup uptrend is comming to its limit. The limit being 1.35000. This will be reaching the limit around the 19th of march. Depending on the brexit talks on wednesday 20, we will see if the pound strengthens or weakens.
Will the 1.3500 become a new resistance level or will it come to be a new support level?
