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Usdmxntechnicalanalysis

USDMXN NEXT TRADE SETUPUSD/MXN rates are testing critical near-term support, which very well could be the determining factor in the predominant trading trend through the end of the year. While other currencies are benefiting from the US Dollar’s (via the DXY Index) weakness, the reliance the Mexican economy has on the United States has left the Peso struggling relative to other global growth-sensitive currencies. At the time of publication of this analysis, USDMXN is on 22.2230 and is testing its critical support zone. We can find good sell entries if it breaks this zone and there is no fake breakout and at point 22.100 we can place our sell entries till next support at 21.49300. Entries should be placed only if all the rules of entries are applied.
Short
by TradingSwirls
USDMXN | WEEKLY FORECASTPeso follows the step of the Yuan against the Greenback! Tendency: Downtrend ( Bearish ) Structure: Breakdown | Trendline | Support & Resistance Observation: i. Price moves below support area @ 22.66000 affirms Breakdown structure with indications that the potential for the price to start trending downward is increasing. ii. Price trailing the Bullish Trendline in a bid to correct Impulse leg finally breaks Trendline at 22.66000 confirming a change in direction. iii . The second Breakdown of 22.44000 brings a level of confirmation to our bias as price nose-dives. Trading plan: SELL confirmation with a minimum potential profit of 15,000 pips. Risk/Reward: 1:3 Potential Duration: 3 to 10 days NB: This speculation can be considered to make decisions on lower timeframes. Watch this space for updates as price action is been monitored. Nirvana! Forex Risk Disclaimer: Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and NFTI takes no responsibility. You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level and consult your independent financial adviser as to the suitability of your situation prior to making any investment. NFT&I does not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith. Past performance is not necessarily indicative of future results.
Short
by darcsherry
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