U.S. Dollar / Mexican Peso
18.76579MXNR
−0.00571−0.03%
As of today at 22:18 GMT
MXN
No trades
USDMXN trade ideas
USDMXN(Short)Short Call
Bearish Reversal
Lower high and Lower low formation formed
Hanging Man
Bearish Engulfing Candle @ 4Hr resistance line
Entry below previous Lower High @ break point
Stop loss above last Higher high
Take Entry - 20.1
Stop Loss - 20.02
2 Stage Target Setting
1 TP - 75% - 19.92
2 TP - 25% - 19.85
USDMXN(Long)Long Call
Bullish Reversal
Higher high and higher low formation formed
Inverted Hammer
Three white soldier formation @ 4Hr support
Entry above previous higher high
Stop loss below last lower low
Take Entry - 19.9
Stop Loss - 19.89
2 Stage Target Setting
1 TP - 75% - 20.525
2 TP - 25% - 20.1
Elliott Wave Analysis: USDMXN Is Forming A Bearish TriangleHello traders!
We want to share a chart with interesting and known pattern called triangle on USDMXN currency pair.
As you can see, USDMXN is trading sideways since the beginning of 2021. With slow price action and corrective sideways wave structure, we believe it's just a correction within downtrend, ideally a bearish triangle formation within a higher degree wave (IV) that can send the price even lower within wave (V).
Triangles are continuation patterns which consist of five waves A-B-C-D-E and seems like the final wave E can be now in progress, so watch out for a drop back to lows towards 18.x area soon.
It’s also worth to mention that three weeks back the central bank of Mexico (Banxico) hiked the benchmark interest rate by 25 basis points to 4.25%. This seems to be very bullish for MXN across the board and it may last until other banks will start increasing the rates as well. However, a lot of CB seem to be waiting on the FED first. Today, Powell will definitely talk about inflation, but recent retracement on some of the commodities, like Lumber, may give more time to the FED, so they can wait with aggressive taper- talk, possibly till September or maybe even end of the year. Under that situation dollar may face limited upside.
Be humble and trade smart!
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Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
